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07.03.2013 13:15

European session: the euro has grown significantly

00:30 Australia Trade Balance January -0.43 -0.51 -1.06
03:00 Japan BoJ Interest Rate Decision 0.10% 0.10% 0.10%
03:00 Japan BoJ Monetary Policy Statement
06:45 Switzerland Unemployment Rate February 3.1% 3.1% 3.1%
07:00 Japan BOJ Press Conference
08:00 Switzerland Foreign Currency Reserves February 427.0 427.7
09:00 Switzerland SNB Chairman Jordan Speaks February
11:00 Germany Factory Orders s.a. (MoM) January +1.1% +0.6% -1.9%
11:00 Germany Factory Orders n.s.a. (YoY) January -1.8% +1.6% -1.5%
12:00 United Kingdom BoE Interest Rate Decision 0.50% 0.50% 0.50%
12:00 United Kingdom Asset Purchase Facility 375 375 375
12:00 United Kingdom MPC Rate Statement
12:45 Eurozone ECB Interest Rate Decision 0.75% 0.75%

The euro rose sharply against the dollar, as market participants are awaiting the decision of the ECB interest rate, which remained at a record low of 0.75%. Note that this decision is in line with most economists predicted that almost does not appear on the cost of the European currency.
We also add that investors perceived favorably the strong results of auctions in Spain and France. Bonds maturing in 2015 were sold in the amount of 569 million, a return of 2.63% against 2.54% earlier. Securities maturing in 2018 are available on the amount of 2030 million, yield 3.57% vs. 4.27%. Bonds maturing in 2023 sold to the amount of 2440 million, with a yield of 4.91% vs. 5.20% previously. France placed 10-year bonds worth 7 billion euros with a yield of 2.1% vs. 2.3% previously.
Negative point was today's report from the Ministry of Economy, which showed that the volume of industrial orders in Germany unexpectedly, and at the time, were reduced significantly in January, which was due to the sharp decline in external demand, while stressing that the country's economic recovery remains fragile. According to the report, the number of orders in manufacturing decreased in January by 1.9% after rising 1.1% in December. Note that according to the average estimates of experts, the value of this index would grow by 0.6%. Ministry of Economy said that the findings suggest that the weakness in the industry has not been resolved, despite the improvement in sentiment in the set of studies that point to a positive outlook.
However, the focus of the players still press conference by ECB President Draghi, which can significantly affect the dynamics of trading.
Pound pound has appreciated significantly against the dollar, while restoring the losses suffered in early trading. Note that such a sharp increase in rates was caused by a statement from the Monetary Policy Committee, who said that the size of the program to purchase assets remained unchanged - at 375 billion pounds. Also this time it became known decision of the Bank of England's interest rate, which has remained unchanged - at the level of 0.5%.
The yen fell against the euro, even after the Bank of Japan has rejected calls for the immediate start of the open purchase of assets at the closing session Masaaki Shirakawa, before being replaced Haruhiko Kuroda. Note also that the Bank of Japan kept the asset purchase program unchanged at Y76 trillion yen ($ 809 billion), and monthly purchases of government bonds at Y1, 8000000000000, confounding expectations of economists.

EUR / USD: during the European session, the pair rose to high of $ 1.3044, and then fell to $ 1.3008

GBP / USD: during the European session, the pair went up to a maximum of $ 1.5075

USD / JPY: during the European session, the pair rose to Y93.45

At 13:30 GMT the euro area held monthly press conference of the ECB. At the same time, Canada will announce the change of volume of building permits issued and the trade balance for January. Also at 13:30 GMT the U.S. will report on the trade balance for January and changes in the level of labor productivity in the non-manufacturing sector for the 4th quarter. At 20:30 GMT the United States will present the results of stress tests. At 23:50 GMT, Japan will report from the current account balance and the adjusted total current account surplus for January. Also this time, the final figures will be released by the change in GDP, Gross Domestic Product (year), nominal GDP and GDP deflator for the 4th quarter.

07.03.2013 13:00


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