"The course of the dollar against the euro rises slightly on Monday, the yen fell against the dollar to a minimum of 6 years of weak stats from Japan," - say the experts of the Forex. Statistical data from Japan, published on Monday, pointed to a maximum of more than five years of falling GDP in the second quarter of 2014.
"More significant than initially reported, the drop in business investment is particularly disappointing," - said currency analyst at Commonwealth Bank of Australia in Sydney Joseph Capurso.
The euro dropped during trading on Monday as of 8:30 m to $1.2941 compared with $1.2951 at the close of the market on Friday. Over the last month the euro fell by 2% against a basket of 10 major world currencies, according to Bloomberg indexes calculated. Dollar rose by 1.9%. The United States dollar against the yen rose to ¥105.14 against ¥105.09 on the results of previous auctions. During the session, the value of the Japanese currency fell to ¥105.71- its lowest level since October 2008.
EUR/USD moved off session highs at $1.2990
According to analysts of Forex Broker Company HY Markets, euro falls 10 consecutive weeks. But this time, the rate of decline was impressed. The euro fell on Thursday to levels below $1.30 against the dollar amid the unexpected decision of the ECB to lower interest rates from 0.15% to 0.05%.
Within the framework of the traditional press conference, ECB Head Mario Draghi said that the ECB will buy covered bonds, but the details of the new program will be announced after October 2nd. According to Reuters, it could be about $500 billion euros. On Friday, the euro rose from a 14-month low after weak labor market report USA. Previously released report showed that the index of business activity in the non-manufacturing sector fell to 54.9 in Germany claims against 56.4 in August claims that heightened concerns about the economy of the region as a whole.
From a technical point of view, EUR/USD on September 8, departed from session highs at $1.2990. "Intermediate resistance - $1.3000 higher - around $1.3050 (formerly traversed the channel line from May 8)," - say the analysts of HY Markets. Immediate support is at $1.2920. Bears some resistance may be exerted in the area of $1.2880 (minima January 2011). 