FX forecast for June 1 – retrospective views

Last month, the US dollar depreciated by 6.7% against the euro and by 9.5% against the pound, Financial Brains director, PhD Sveatoslav Mihalache has told Info-Prim Neo, summing up the May results on the international currency market. The main causes of the depreciation were the speculations that the apogee of the recession has passed and there was no major necessity of keeping the funds in safe haven currency, as in the case of the US dollar. Furthermore, there were concerns over a possible downgrade of the U.S.'s credit rating. But, towards the end of the month, Moody’s reconfirmed the highest AAA rating. Another blow to the dollar was the publication of the report on the U.S. labor market, which showed that the number of jobless persons rose by about 540,000 in April. The South Korean authorities’ decision to reduce the share of U.S. bonds in the portfolio of the state pension fund was also bad news for the US dollar. USD/MDL: The Moldovan currency exchange facilities today will buy the dollar for 11.11 – 11.16 lei and sell it for 11.22 – 11.27 lei. EUR/MDL: The euro will be bought for 15.60 – 15.65 lei and sold for 15.73 – 15.80 lei. For further details, visit www.fb.md