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The absence of important fundamental statistics yesterday led to the delay of the downward movement in the pairs EUR/USD and GBP/USD, but the entire attention of traders will be focused on the data which will be issued this Wednesday and Thursday. Most likely, the pressure on risky assets will still remain until this time.
The Australian dollar rose upon the release of consumer spending data but then declined after the publication of Reserve Bank of Australia's minutes of meeting.
According to the CBA report, consumer spending in Australia for January this year rose by 1.1% compared to the previous month. The growth was due to the increased of retail sales by 1.7%, as well as the 1.6% increased of costs for public services.
Based on the records of the Reserve Bank of Australia, interest rates currently meet the target inflation and GDP growth, but the RBA fears that the strengthening of the Australian dollar will slow economic growth and inflation. Banking economists still expect a gradual acceleration of inflation this year.
It is important to pay attention to the RBA statement regarding the increase in interest rates that will occur only after the growth of wages. Thus, the high rate of the Australian dollar, with weak wage growth and inflation in Australia, pushes the expectations of traders and investors regarding the interest rate hikes by the regulator.
Meanwhile, the single European currency remains under pressure in tandem with the US dollar, as all attention will be focused on the European Central Bank's minutes of meeting that will be published this Thursday and Friday along with inflation data. Many experts expect that the minutes may show hints about the future full completion of the quantitative easing (QE) program in September this year.
It is important to note that the Eurogroup approved yesterday the appointment of the Minister of Economy of Spain Luis de Gindos to the post of ECB Vice-President, and he will replace Vitor Constancio. Not surprisingly, Luis de Guindos is a supporter of tight monetary policy and can support the curtailment of stimulus measures in autumn. He also excellently proved himself during the crisis in Spain
The British pound remains under pressure in tandem with the US dollar after the news yesterday that there were rumors associated with the refusal of the UK from the penalty payments for Brexit. It is emphasized the fact that the EU does not conclude a trade agreement with the UK beneficial to the British, then it is possible to forget about the billions of euros that must be paid within the Brexit framework.
* The presented market analysis is informative and does not constitute a guide to the transaction.
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