In the beginning of the previous trading week the general investors’ concern regarding the situation in Greece still pressured the market. At the same time the published fundamentals in Euro-zone managed to render temporary support to the euro currencies. The PMI manufacturing indices for Germany, France and Italy happened to be above the expectations. The Euro-zone PMI manufacturing index for January resulted at the level of 52,4 against the expected level of 52. The technical correction also influenced the euro dynamics. The UD dollar also received support from the release of the positive US statistics on Monday. The ISM manufacturing index for January resulted at the level of 58,4 against the forecasted level of 55,5. The PCE Core index for December grew to 0.10%, as it was expected. The UK statistics happened to be positive as well. The PMI manufacturing index turned out to be above the forecast: the factual level was at the 56,7 mark against the expected 53,9 mark. Consequently, the sterling reacted with an increase. And the GBP/USD pair closed the trading day at the level of $1,5950.

Due to the fact that the American dollar showed a minor decrease against its competitors after the reached maximums, the oil rate managed to grow. In addition, the situation in Nigeria provoked investors’ concerns. As a result, the oil rate grew to the level of $74.17 per barrel.

On Tuesday the market participants were waiting for the decisions regarding the Euro-zone and the UK principal rate. On the same day the Reserve Bank of Australia decided to leave the principal rate unchanged at the previous level of 3.75%. The experts forecasted the increase of the principal rate for 0.25%. As a result, the Australian currency dropped sharply against the American dollar.

Regardless of the fact, that the American dollar competitors strengthened during the first part of the day on Wednesday (as a result of the released announcement, that the Euro commission backed the program aimed to reduce the budget deficit in Greece), the released positive US news ensured the dollar with the upward movement. The ADP employment level for January showed unexpectedly better results: factual decrease of 22 thousand against the forecasted decrease of 30 thousand. This indicator rendered substantial support for the US dollar. And the ISM non-manufacturing composite index for January turned out to be above the previous month, though was a little below the forecast.

And the published statistics in Great Britain had a negative influence on the sterling, which earlier demonstrated a temporary consolidation following the euro. In particular, the PMI services index for January dropped against the forecasts: the factual level of 54.5 against the expected level of 56.5.

On Thursday the euro rate showed a massive decrease against its competitors. The speculations regarding the budget deficits of Greece and Portugal continued to pressure the euro currencies. And the factory orders volume in Germany for December unexpectedly dropped for 2.30% against the forecasted increase for 0.20%. The reduction of the stock indices also had a negative influence on the euro dynamics. As it was expected, the ECB left the principal rate unchanged at the level of 1.0%. In addition, the head of the ECB, Jean-Claude Trichet, confirmed that rate would not be increased in the nearest future. And the EUR/USD pair set its trading day minimums somewhat above the level of $1.3700. At the same time according to the predictions, the Bank of England left the principal rate at the previous level of 0.5%. The sterling demonstrated a negative dynamics following the euro. And the GBP/USD pair decreased to the level of $1.5750.

Consequently, against the background of the investors’ unwillingness to take risks, the demand for the American dollar increased. At the same time the released initial jobless claims volume turned out to be above the forecast, but the US factory orders happened to be above the expected level.

The unexpected negative fundamentals, released in Australia and New Zealand, provoked the investors’ sharp decrease of the demand for the high-risk assets. In particular, the retail sales volume for December in Australia dropped for 0.7% when the indicator was expected to grow for 0.20%. And the unemployment rate of New Zealand, which was published on Wednesday, increased to 7.3% against the forecasted 6.8%. As a shelter-currency, the yen grew against its competitors. And the USD/JPY pair decreased to Y89.00.
By the end of the trading week the EUR/USD pair consolidated below the level of $1.3700, and the GBP/USD rate decreased to $1.5600.