News & Analysis

The demand for the high-risk currencies increased again. The oil rate consolidated above the $82 mark per barrel

By Forex-Metal

Euro: On Wednesday the demand for the high-risk currencies grew again. And the EUR/USD pair showed its maximums at the level of $1,3820, but by the end of the trading day the rate dropped to the level of $1,3750. According to the experts’ opinion, this decrease was a result of the announcement of the German government representative regarding the absence of the specific plan to help Greece, and the necessity to make use of the IMF support.

US Dollar: The FRS decision regarding the US principal interest rate continued to pressure the US dollar. Consequently, the American dollar rate dropped against its major competitors.

British Pound: The positive UK statistics was published on Wednesday. The Claimant Count rate for February decreased (4.9% against 5.0%). Therefore, the sterling reacted with a sharp growth.
And the GBP/USD pair demonstrated its trading day maximums at the level of  $1,5383.

Japanese Yen: According to the decision of the Central Bank of Japan, the principal interest rate was left unchanged at the previous level of 0.10%. And the resolution of the Bank of Japan to double the credit program, aimed to fight deflation, rendered additional pressure on the Japanese yen. On Wednesday the yen demonstrated its drop against the major competitors. 
The USD/JPY pair reached the level of Y90,60.

Canadian Dollar: The oil prices growth supported the Canadian dollar against the American dollar.

Oil: Due to the weakening of the US dollar rate, the oil prices grew and consolidated above the level of $82 per barrel. And the statement of the OPEC countries confirming, that the quotas on oil production would not be increased so far, supported the oil prices as well.