All previous week the major currency pairs demonstrated diverse dynamics. Due to the increased demand for the shelter-currencies on Monday and the investors’ unwillingness to take risks, the American dollar took a sharp increase. The Chicago Federal Nat. Activity Index, which was published on Monday, turned out to be below the previous period, and therefore, supported the current tendency as well. At the same time the monthly and yearly consumer price indices in Germany, which were released on Monday, demonstrated lower levels, compared to the forecast and the previous month’s volumes. This factor rendered an additional pressure to the euro. Consequently, the EUR/USD pair set its daily minimum at the level of  $1.4560. Then thanks to the European stock market strengthening, the  EUR/USD pair managed to rehabilitate a little.

Due to the US dollar growth, the oil rate dropped to the level of  $65.50 per barrel.

On Monday the yen strengthened sharply against the major currencies, including the US dollar, due to the speculations regarding the fact that the Japanese government was not going to prohibit the consolidation of the national currency. And the USD/JPY pair established an eight-months’ minimum around the Y88.22 mark. But already on Tuesday the Minister of Finance of Japan denied the speculations regarding the uncontrolled strengthening of the national currency and informed of the possible money-market intervention. yen demonstrated a negative dynamics against the US dollar and the USD/JPY pair grew and reached the Y 90.36 level.

On Tuesday the market participants’ demand for the high-risk assets reduced, and the American currency demonstrated a positive dynamics against its major competitors. The US fundamental indicators, published on Tuesday, also supported the current tendency. Particularly, the consumer confidence indicator for September turned out to be at the level of 53,1, while the previous month’s level was at the 54,1 mark, and the expectations – at the 57,0 mark. The announcement of the Central bank of Russia stated regarding the decision to leave the American dollars’ share in its exchange reserve at the previous level of 30%, which also rendered support to the US dollar.

The Euro zone fundamental news, which were released on Tuesday, could not support the euro. The business climate indicator turned out to be at the same level as the previous period and lower than the forecast. The Euro-zone industrial confidence index and the Euro-zone services confidence index were at the level of expectations, and did not influence the euro dynamics. Therefore, the EUR/USD pair established its minimums at the level of  $1.4526.

In comparison to the euro, the pound managed to interrupt its decrease and started to rehabilitate sharply. The GfK consumer confidence survey showed an unexpected result at the level of – 16, while the forecast was at the -24 mark, and the previous month’s level was – 25. This factor influenced the strengthening of the sterling. And the GBP/USD pair demonstrated its maximums at the level of $ 1.5980.

During the first part of the day on Wednesday, the US dollar decreased due to the optimistic attitudes of the market participants. The demand for the high-risk assets increased thanks to the positive Euro-zone news.  The unemployment rate in Germany, released on Wednesday, turned out to be at the level of 8.2%, which was lower than the expectations of 8.4% and the previous month’s 8.3% volume. And the EUR/USD rate grew to the range of $1.4673, but then decreased. During the second part of the day, the dynamics of the major currency pairs changed temporarily, and the American dollar managed to rehabilitate. The negative US fundamental news, which were published on Wednesday, supported the strengthened dollar. For example, the ADP employment change showed the level of  -254 thousand, when the forecast was at the -200 thousand mark. And the Chicago PMI index resulted at the level of  46.1, which was much lower compared to the forecast and the previous month’s level.

On the same day as a result of the increased confidence of the traders, the sterling demonstrated its maximum at the level of $1.6125. But after the announcement of the Bank of England regarding the enlargement of the financial sector support, the GBP/USD pair decreased to the  $1.5974 level.

The US negative fundamental news, which were published on Thursday during the American trading session, defined the US dollar dynamics. The initial jobless claims turned out to be significantly higher, than the expectations and the previous period level. The ISM manufacturing index was lower compared to the forecast. Consequently, due to the investors’ unwillingness to take risks, the US dollar increased.

The monthly and yearly retail sales data in Germany, which was published on Thursday, resulted in a much lower volume, compared to the forecast and the previous level. This factor influenced on the negative euro dynamics, which dominated on Thursday. The euro rate increased temporary after the following positive fundamental news were released: The Euro-zone PMI manufacturing index resulted in a higher level, than its forecast and the previous level. And the Euro-zone unemployment rate showed the same volume, as its expectations. Then the comments of the head of the ECB, Jean-Claude Trichet, regarding his concerns about the euro currency growth rendered strong pressure on the euro against the US dollar. Therefore, the EUR/USD pair reacted with a reduction to the $1.4520 level.

On Thursday the sterling was under pressure against the US dollar, following the euro dynamics. Only after the increased GDP forecast of Great Britain by the World Monetary Fund, the pound increased temporarily. As a result, the GBP/USD pair closed the trading day at the $1.5925 mark, while its maximum was set at the level of $1.6120.

On the last day of the trading week the following news, which influenced the US dollar dynamics, were published: the non-farm US payrolls demonstrated reduction compared to the expectations and its previous volume. The US unemployment rate grew to 9,8%. Consequently, the American dollar reacted with a temporary growth. By the end of the day the  EUR/USD pair consolidated in the range of  $1.4575.

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