American focus: the yen strengthened

The yen strengthened against most of the most traded currencies, as investors sought a safe haven amid falling appetite for risk, which resulted in the sale of stocks and commodities.

The Japanese currency rose after the previous head of the Central Bank Haruhiko Kuroda said that the global economy is still reeling from the effects of the global financial crisis that began five years ago. Kuroda also warned that no country is immune from the repetition of the crisis in the future. "Even if we were able to ascertain the stability of the financial system at the current time, it is unlikely to last forever. Financial crisis could break out beyond the horizon of our forecasts," - said Kuroda. In his view, the creation of a new financial system "is not easy" because no economy can not simultaneously maintain the mobility of capital and financial stability, while carrying out the task of financial policy. "I am convinced, serious problems related to the crisis, will give us new ideas and help create a new and better world" - said Kuroda. Recall that the current Bank of Japan holds sverhstimuliruyuschuyu program, under which buys bonds by more than 7 trillion yen a month. In this case, the regulator seeks to expand the monetary base. It is expected that the figure will rise to 60-70 trillion yen per year.

The euro exchange rate rose sharply earlier against the U.S. dollar today as the published data on lending in the euro area, pointed to the steady growth in deposits and a weak lending in the corporate sector, which supports a program of asset purchases. It is worth noting that in the three months to April, the growth rate of the M3 money aggregate amounted to 3% by repeating the March result. Analysts were expecting a slight slowdown to 2.9%. The annual equivalent rate M3 grew by 3.2% against 2.6% the previous result and the forecast of 2.9%. The volume of private lending fell by 0.9% y / y vs. -0.7% of the previous month, confirming the prediction.

Add that did not prevent the growth of the euro even weak data on Germany. According to the report, the seasonally adjusted number of unemployed rose this month to 21,000 since April. It is also worth noting that according to the average forecasts of experts, the number of unemployed would grow by 4,000 people, compared with an increase of 6000 (revised 4000), which were recorded in the last month. The Agency for Labour noted that the labor market in Germany remains "solid" despite the difficult economic background, and the spring of this year, has not led to the revival of the normal labor market. Neglecting seasonal effects, the total number of unemployed fell in May by 83,000, reaching at the same level of 2,973,000. In addition, the report showed that the unadjusted unemployment rate was at 6.8% from 7.1% in April. The unemployment rate for movements remained unchanged at 6.9% in May. Nevertheless, the German labor market is strong, despite the deep recession in the euro area, where the unemployment rate in March was an average of 12.1%.