Forex: Monday’s review

The yen fell against the dollar, while approaching to the maximum value from February 12, after a group of G20 countries to refrain from criticism of Japanese monetary policy, which triggered a sharp and substantial depreciation of the currency. Note that the yen has fallen by 13% against the dollar in the past three months, as Japan's Prime Minister Shinzo Abe announced an increase in costs and increased pressure on the Bank of Japan to raise monetary easing. The data show that the decline of the yen is the largest of the 16 major currencies.

Economists say that now the focus will be on the appointment of the new head of the Bank of Japan, which will replace the current head of Masaaki Shirakawa, who will retire on March 19.

The pound fell against 13 of its 16 major counterparts as futures traders increased bets that the currency will continue to decline. According to the data, the number of positions of hedge funds and other large speculators reduced pound was at 12 February 16 776, compared with the positions to buy at 1174. Also exerted pressure on the currency by the representative of the Bank of England Wil Martin, who noted that exports can benefit from the depreciation of the currency.