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- American focus: the euro has recovered
American focus: the euro has recovered
After the decline of the euro against the dollar in the first half of the day, the rate rose sharply, updating the maximum value of the day. Most likely this increase was caused by rumors that the People's Bank of China may reduce the reserve requirements for commercial banks. Such a move the authorities in China is quite logical, given the recent weak data on industrial production and inflation, as well as the deteriorating situation on international markets.
The yen rose against most major currencies as investors sought refuge after data showed that China's exports grew by 1% in July, compared with growth of 11.3% in June, prompting concern that global economic growth slows. Economists forecast that export growth of 8%.
The Australian dollar fell against most currencies on fears of a slowdown in China, which is an important trading partner for Australia. But despite this, during the session, the exchange rate could be restored almost to the level of opening day.
During the course of the day more than half of the Canadian dollar declined against the dollar, thus showing the first drop in six days. It is learned that the number of employed fell by 30,400 jobs in July and the unemployment rate rose to 7.3%. But at the end of the session, the pair could be strengthened by upgrading with yesterday's low.
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