18.02.2014 - Japanese yen resumed its decline amid statements of the Bank of Japan
American stock markets yesterday did not work because of the celebration of the President's Day. Important macro also was not published yesterday, so traders on the European markets preferred to fix profits earned during last week. Quotes of euro remained almost unchanged and continue to consolidate above the level of 1.37.
Today the course of trading may be influenced by data on the balance of payments of the Eurozone (09:00 GMT), the economic sentiment in Germany and the Eurozone (10:00 GMT). In the U.S., will be released the reports on the Empire State manufacturing index (13:30 GMT) and the housing market index (1400 GMT).
The British pound, has corrected to the level of 1.67, after a strong growth. The price of GBP/USD has returned inside the rising channel. Further progress will depend on the statistics on production and consumer inflation, as well as the house price index in the UK (09:30 GMT). Increased activity of traders is expected tomorrow because of publication of data on unemployment, as well as the decision of the Bank of England on monetary policy.
The quotes of USD/JPY surged after the statements of the Bank of Japan on monetary policy. Thus, the central bank said that keeps its monetary unchanged, but doubles two lending programs for banks to support the economy. The statement also notes that the economy continues to recover gradually. We anticipate the growth resumption of quotations of USD/JPY.
The bulls once again attempted to overcome the resistance of 0.9070 in Australian dollar. This mood indicates an increase in the chances for continued growth. If the price will fix above the level of 0.9070, we recommend opening long positions. Tonight (23:00 GMT) will be published the index of leading economic indicators in Australia.
The price of Light Sweet crude oil continues to consolidate within the corridor 99,50-101,00 dollars per barrel. Investors are closely monitoring the data, on economic prospects of two largest consumers of oil in the world - the United States and China. Prices can change the dynamics after the release of data on oil inventories in the U.S., which will be held tomorrow.
The price of gold continues to decline because of correction. The closest target in case of further reduction is the level of 1310 dollars per troy ounce. Traders preferred to fix their positions after the strong growth during last few weeks. Demand for gold is fueled by growing uncertainty about the future prospects of growth of risky assets.