22.06.2015 - ​Markets are waiting for news from Brussels

Currency trading and the euro. The price of euro show growth on the hopes of reaching a consensus between Greece and the lenders under the program of reforms needed for the country's debt restructuring. On Friday, the euro was supported by the news on the growth of the balance of payments surplus to 22.3 billion in April, against the expected 18.1 billion. Today, the focus of the market will be on negotiations of the Eurogroup and the Greek representatives in Brussels. The course of trading may also be affected by the data on the index of consumer confidence in the euro area and sales on the secondary real estate market in the US (14:00 GMT). Our medium-term outlook remains negative for the euro in relation to the program of quantitative easing in the Eurozone and the expectation of rising interest rates of the Fed.

Currency trading and the British pound. The price of the British pound has stabilized around the level of 1.59 after strong price growth last week. The potential for further price growth is limited in the near future we are likely to see the beginning of a downward correction. Today, in the country will not be published important statistics and investors' attention will be turned to the Greek crisis talks in Brussels. Tomorrow we should pay attention to the data on the balance of production orders in the country. Our medium-term outlook remains negative, but in the near future is possible a slight increase.

Currency trading and the Japanese yen. The price of the Japanese yen continues to consolidate and, according to our forecasts will keep moving around the current levels in the near future. The Bank of Japan noted the moderate pace of economic recovery and monetary policy settings remain unchanged. Tomorrow in Japan will be published important statistics on the manufacturing PMI in the country. The price volatility may increase in case of news from Brussels, where negotiations are continuing on the Greek crisis. Our medium-term outlook for the yen remains negative.

Currency trading and the Australian dollar. The price of the Australian Dollar showed a slight increase amid the weakening of the US dollar. Investors are in no hurry with purchases due to the expected release of important statistics on manufacturing activity in China and the index of leading economic indicators in Australia, which will be published tomorrow. The negative impact of lower commodity prices and the expectation of further easing of monetary policy of the Reserve Bank of Australia continued to put pressure on the Australian dollar quotations in connection with which we maintain a medium-term negative outlook.

Currency trading and the New Zealand dollar. The price of the New Zealand dollar rose slightly within the correction despite the publication of weak statistics on consumer confidence in New Zealand for the 2nd quarter, which fell to 113.0 against 117.4 in the first quarter. This figure is the lowest since Q1 2013. The reason for deterioration was the crisis of the dairy industry due to falling prices for dairy products. Our medium-term outlook for the New Zealand dollar remains negative.

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