The dollar extends its losses versus the main currencies. The common currency advanced versus all most of its major counterparts as the trade surplus widened to 16.9 billion euros ($22.6 billion) from a revised 13.6 billion euros in May.
According to the ECB Monthly Report “rates will stay low for extended period of time.”
The Governing Council reitrerated its intention to maintain interest
rates at the current level of 0.5%, or lower, for “an extended period
of time.” Monetary policy is to remain accomodative for as long as
necessary in order to support the economic recovery which is expected to
gradually progress for the rest of 2013 and in 2014.
EURO:
German exports, adjusted for working days and seasonal changes, increased 0.6% from May, when they dropped a revised 2%.
EUR/USD holds near session high $1.3360. Above gains will
extend to and $1.3400/15 (Jun 18 highs). Minor support comes at $1.3260
(daily lows). Below $1.3200 support comes at $1.3160 (Jul 25 lows).
POUND:
The pound set stable near 7-weeks highs after the Bank of England
for the first time linked the outlook for its benchmark interest rate to
unemployment and inflation and will keep its current policy “at least”
until the jobless rate falls to 7%.
GBP/USD challenged $1.5525 and retreated to the figure.
Further resistance comes at $1.5580 (channel line fron Jul 9), then - at
$1.5750 (Jun 17 high). Initial support is around $1.5400/90 (recent
lows) and $1.5300.
YEN:
The yen strengthened after the Bank of Japan maintained its stimulus policy.
Most analysts expect more stimulus in the next 10 months as central
bank Governor Haruhiko Kuroda and his colleagues seek to achieve 2%
inflation.
USD/JPY remains under pressure. Losses may widen to Y95.20
(Jun 7 lows) and Y93.80 (Jun 13 lows). Initial resistance comes at
Y97.60 (Jul 31 lows), above - at Y98.80 and Y99.80 (channle line from
Jul 31), then - at Y100.80 (Jul 18 highs).
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