During the whole week the market was mostly directed by the prevailing tendency of the investors not to take risks, which resulted in the American dollar consolidation.

The released fundamental data could only have the temporary change on the market dynamics. For example, the monthly data of the German factory orders, published on Tuesday, showed an unexpected growth. Consequently, after the release of these news, the euro received support against the major currencies and the EUR/USD pair demonstrated its maximums at the level of  $1.4049. At the same time the monthly and yearly released manufacturing production volume in Great Britain demonstrated a decrease, which lead to the negative dynamics of the British sterling. Consequently the GBP/USD rate dropped to its minimums at the level of $1.6140.

The decision of the Central Bank of Australia to leave the principal rate unchanged at the level of 3% has been announced on Tuesday. After that the Australian dollar dropped against the US dollar.

The oil rate demonstrated a negative dynamics during the whole week. On Tuesday the oil prices demonstrated a minor growth above the $64 price per barrel. But due to the stock markets decrease and US dollar consolidation the oil rate decreased to $62 mark again.

On Wednesday the market participants were keeping up with the G8 leaders’ meeting, which was taking place in Italy. Due to the increased demand for the shelter-currencies, the American dollar strengthened against its competitors.  At the same time the monthly and yearly industrial production volume in Germany, published on Wednesday,  demonstrated an unexpected increase, which temporary supported the euro.  Consequently, the EUR/USD pair set maximums at the level of 1,3937, but then still decreased.

Against the background of the strengthened US dollar, the gold and silver rates showed a negative dynamics.

On Thursday the market situation changed temporarily. The American dollar took off the reached positions to its competitors due to the growing market participants’ willingness to take risks. At the same time according to the results of the G8 summit, in spite of the stabilization signs, the risks of the prolonged rehabilitation of the world financial structure still exists. And the US jobless volume indicators, which were released on Thursday, as well supported the high-risk currencies.  The EUR/USD pair demonstrated its minimums at the level of $1.3856, but then increased to the $1.4020 mark.

According to the published information on Thursday, the Bank of England has left the principal interest rate unchanged at the level of 0,5%, as it has been expected. As a result, the sterling demonstrated its growth against the US dollar. Consequently, the GBP/USD pair grew to its maximums at the level of $1.6335 from the minimums at the $1.6027 mark.

At the end of the week the American dollar and the Japanese yen still kept the reached positions of the shelter-currencies. The EUR/USD pair closed the week at the range of 1.3950, the GBP/USD pair dropped to the 1.62 level, and the USD/JPY rate closed the week at the 92.50 mark.

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