On Friday, September 3, the trends that have arisen in the foreign exchange market as early as Wednesday, continued to dominate. Recall then the growth of pair euro / dollar stood against the release of data on the index of industrial production of the U.S. - he suddenly rose from 55.5 to 56.3 points instead of the predicted decline to 52.8 points. On Friday one euro was worth 1,283 dollars as an investment analyst, said the department VTB24 Alexei Mikheyev, the market finally has clearly demonstrated a new correlation: good data on the industry in the U.S. mean that the situation in that country's economy is not so bad (at least least not yet), and consequently, an increase in quantitative easing measures required.
Philadelphia Fed President Charles Plosser said the day before that the Fed will have to proceed to a further weakening of monetary policy only in the case of a threat of deflation. In his view, the controller can not do anything for the rapid decline in unemployment, but if the office will give a signal that is trying to control the unemployment rate, but will not do it, it will undermine the ability of the Fed to ensure price stability. Charles Plosser, therefore, believes that the task of the Reserve is to persuade all of its determination to prevent a deflationary scenario. Earlier, some members of Congress accused the Fed of failing to promote price stability and employment. It is worth noting that the Philadelphia Fed president is currently a non-voting member of the Committee on the open market, but will regain that status in 2011.
Left on Thursday in the U.S. data on primary treatment for Dole slightly supported the market: the number of applications reached 472 thousand, although previous data have been revised from 473 thousand to 478 thousand Two weeks ago, the number of hits of the unemployed was much higher - 504 Thousands , and since then have improved. However, as noted by the expert, the current figures are still much higher than three months ago. This means that the labor market situation continues to deteriorate. A more accurate picture of the situation will Friday on the number of new jobs created in the U.S. non-farm sector. "If they come out better than forecast, in line with the new correlation of the dollar could suddenly rise. Suddenly, because in the past two weeks, we observed that the bad data on America led to increased expectations of quantitative easing, and the decline of the dollar, as well - to increase appetite to risk and also drop U.S. currency ", - concluded A. Mikheev. Thus, it is possible that on Friday the dollar will try to adjust both the euro and the pound and the yen.
