The euro retreated today against the US dollar and the Japanese yen on the speculation that it rallied too much earlier, but it may still resume its rally depending on the decisions of the US and Japanese policy makers. The minutes of the Federal Reserve are due to be published and they are expected to suggest that the Fed would perform the expected quantitative easing the dollar would resume its downfall. Therefore, we can expect the rally of the euro not because of its inherent strength, but due to the weakness of other currencies.
In Britain, the pound dropped today after the report showed the decline of the house prices, signalling about the lack of the buyers’ confidence and the lack of the mortgages. The Royal Institution of Chartered Surveyors in a report showed that the surveyors reporting the prices decline exceeded by 36 percent those who reported about the increase of the prices in September. That’s compared with the previous reading of 32 percent reporting decrease.
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