Forex

Political situation in Great Britain resulted in the sharp drop of the sterling

By Forex-Metal

Euro: During the first day of the trading week the situation in Greece continued to render a negative influence on the euro dynamics. According to the released information, Greece was obliged to undertake all necessary measures to reduce the budget deficit.

The EUR/USD pair reached its minimums at the level of $1.3460.

US Dollar: The ISM manufacturing index for February, which was published on Monday, decreased and turned out to be below the forecast: its factual level of 56.5 against the expected level of 57.9. Nevertheless, according to the experts’ opinion, this index level shows the rehabilitation of the American economy.

British Pound: Due to the survey, which was held in Great Britain, it would be probably impossible to form the government with the substantial majority of the votes, which are necessary for the reforms’ implementation. Therefore, the political situation rendered a strong pressure on the sterling, which in turn dropped against the major currencies.

The GBP/USD pair decreased to the range of  $1.4780, and after that rehabilitated a little.

Japanese Yen: The USD.JPY rate grew and reached the level above the Y89.00 mark.

Oil: The oil price demonstrated its growth to the maximums at the level of  $80.20 per barrel.