In the beginning of the trading week combined with the market participants’ willingness to take risks, the American dollar weakened against its competitors during the first part of the day on Monday. The Euro zone and American fundamental news supported the US dollar decrease. Particularly, the US new home sales volume turned out to be higher than the forecast.

During the second part of the day due to the American stock indices drop, the US dollar strengthened.  On the same day the German GfK consumer confidence survey was published on Monday, which happened to be higher, than the forecasted level. This factor supported the euro currencies. And the EUR/USD pair showed an increase to the level of $1.4296, which set the 7-week maximum. By the end of the day the rate decreased. The British pound also demonstrated a considerable increase. The positive UK home sales data rendered support for the sterling. And the GBP/USD pair grew to its maximum at the $1.6522 mark.
The oil prices demonstrated growth on Monday and consolidated above the level of $68.00 per barrel against the background of growing optimism and positive fundamental news.

On Tuesday the main tendencies of the leading currencies continued. Against the background of the stock markets growth and increased interest to the high-risk currencies, the American dollar price dropped. But during the second part of the day the US dollar grew against its competitors. The released consumer confidence index turned out to be considerably lower than the forecast. And the Richmond Federal manufacture index, on the contrary, showed a higher volume.
The unexpectedly high quarterly financial profit report has been released by the Deutsche Bank AG., which was published on Tuesday and which supported the euro currencies. Consequently, the EUR/USD pair demonstrated its maximum at the level of  $1,4300, and then minimum in the range of $1,4129.
After the lengthy growth, the oil prices dropped on Tuesday below the $68 level per barrel. The American dollar growth and decrease of the stock markets were the major reasons of this negative dynamics. The precious metals market turned out to be under pressure as well, and the gold rate decreased to the level of $939.10 per troy ounce.

On Wednesday due to the growing demand for the shelter-currencies, the US dollar rate increased. The published US fundamental news supported this tendency. Particularly, the durable goods orders showed a larger decrease compared to the forecast. At the beginning of the day the euro currencies demonstrated a temporary increase, but then the EUR/USD pair dropped to its minimum in the range of $1.4006.
On Wednesday according to the expectations, the Central Bank of the New Zealand left the principal rate unchanged at the previous level of 2.5%. As a result, the New Zealand dollar rate decreased sharply against the American dollar.
The announcement regarding the increased oil inventories lead to the sharp drop of the oil rates to the level of $62.86 per barrel. The concerns, regarding the deteriorating economic situation, continued to pressure the oil prices. And against the background of the oil prices drop, the Canadian dollar demonstrated a considerable decrease.
During the trading day on Thursday the dynamics of the major currencies changes a few times. The increased demand for the high-risk currencies resulted in a temporary US dollar drop. Nevertheless, the published unemployment US data rendered support to the American dollar. The unemployment change data in Germany showed an unexpected decrease, which supported the euro currencies. And the EUR/USD pair reached its maximums at the level of $1.4094, but then dropped to the range of  $1.4050.
On the same day the UK fundamental news, published on Thursday, rendered significant support to the sterling. The monthly Nat’wide house prices index turned out to be higher than the forecast.  Therefore the GBP/USD pair established its maximum in the range of  $1,6524.
On Thursday the demand for the yen, as a shelter-currency, decreased. In addition, the Japanese macroeconomic statistics pressured the yen. As a result the USD/JPY pair demonstrated its maximum and reached the  Y95.30 mark.

The US fundamental news, published on Friday, demonstrated optimistic results, combined with positive financial reports of some of the American companies. This was the main reason of the euro currencies strengthening, and the EUR/USD pair reached maximums at the level of  $1.4278.

REGISTER HERE For Free Forex Seminar