Bidding on Wednesday did not bring any surprises the foreign exchange market participants. The head of the Federal Bank of St. Louis in his speech yesterday noted that the campaign to curtail the FED's monetary stimulus needed more positive U.S. economic data. Players continue with great attention the state of macroeconomic statistics. Dealers said today, investors will focus on the data on the volume of retail sales for July in England. Many players are waiting for improvement of this indicator. These positive expectations may be the cause of the speculative demand for the pound in the last session.

Quotes of the British currency is currently suited to yesterday's high at 1.5540 . If the expectations of improvements in retail sales are correct, then you will see a short-term break this extreme and attempt to test the 1.57 area, which is likely to experience a couple of selling pressure. Such upward momentum can be used to open short positions. Despite the ambiguous interpretation of the expert statements by FED likely to develop demand for the dollar is still high. Thus, the forecast until the end of the year the pound remains moderately negative.

The situation in the pair EUR/USD remains neutral. Quotes of the single European currency was at around 1.3288 . This level corresponds to the current value of the downtrend resistance line. While the players are not willing to aggressively buy the dollar, so the risks of continued upward movement in the euro remain. The immediate objectives of the pair at the top levels can be 1.34 - 1.36 . From a fundamental point of view, is unlikely to be able to leave a pair of quotes significantly above these marks in the medium term. If we assume that the reduction in the volume of redemption in September for 10 billion dollars - is a closed issue, the decline in purchases by 20 billion dollars can be a powerful driver of growth in the dollar. The reason for this more aggressive rolling program of quantitative easing may be on the U.S. economy that can demonstrate the value better than expected.

Good luck trading!