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24.01.2013 19:24

American focus: The euro rose against the dollar

The yen fell for the first time in four days versus the dollar after Deputy Economy Minister Yasutoshi Nishimura said its decline isn’t over and a level of 100 versus the U.S. currency wouldn’t be a concern.

The Japanese currency dropped against all of its 16 most- traded peers after a Chinese report showed manufacturing expanded at the fastest in two years, reducing demand for the yen as a refuge. Japan’s currency fell in early Asian trading after HSBC Holdings Plc and Markit Economics said their preliminary reading of China’s Purchasing Managers’ Index increased to 51.9 in January from 51.5 the previous month. The data suggest China’s expansion at the start of 2013 will equal or exceed its 7.9 percent pace in the fourth quarter.

The euro strengthened against most of its major counterparts after Markit Economics released its survey of purchasing managers in manufacturing and services.

A composite index based on the survey climbed to 48.2 this month from 47.2 in December, the data showed. A reading below 50 indicates contraction.

Asian currencies also fell against the dollar after it was reported that North Korea may begin testing nuclear weapons.

Exchange rate euro strengthened against the dollar after the regional report showed that activity in the private sector continued to decline in January, but at a slower pace than many economists had forecast. According to the data, the composite index of production, which measures activity in the manufacturing sector and the services sector rose this month to 10-month high, reaching 48.2, compared to 47.2 in December, as well as the expectations of experts at around 47, 5. Meanwhile, the index of business activity in the services sector rose to a level of 48.3, up from 47.8 in December, while the index of business activity in the manufacturing sector rose to 47.5 from 46.1 mark.

The pound fell after the published data on the UK showed that the number of approved applications for mortgage loans remained almost unchanged in December, reaching with 33.6 thousand units, while analysts had expected growth to 34.1. Not helped the pound and retail sales data, which growth slowed slightly in January, but was still higher than expected. According to studies, which cover the first two weeks of January 2013, 41% of retailers reported an increase in sales compared to last year, while 24% reported a fall, resulting in retail sales was 17. Note that the average predicted value of this index was to drop to 10, compared to 19 in December.

24.01.2013 18:22

European stocks close

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