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17.04.2013 12:30

European session: the British Pound declined significantly


00:30 Australia Leading Index February +0.4% +0.6%

05:00 Japan Consumer Confidence March 44.3 46.7 44.8

08:30 United Kingdom Average earnings ex bonuses, 3 m/y February +1.2% +1.1% +1.0%

08:30 United Kingdom Bank of England Minutes April

08:30 United Kingdom ILO Unemployment Rate February 7.8% 7.8% 7.9%

08:30 United Kingdom Average Earnings, 3m/y February +1.2% +1.4% +0.8%

08:30 United Kingdom Claimant count March -5.3 0.0 -7.0

08:30 United Kingdom Claimant Count Rate March 4.7% 4.7% 4.6%

09:00 Eurozone Construction Output, m/m February -1.4% -0.8%

09:00 Eurozone Construction Output, y/y February -7.3% +0.8%

09:00 Switzerland Credit Suisse ZEW Survey (Expectations) April 2.3 20.0

The pound dropped significantly against the dollar, having lost in the course of about a half of trading figures. Note on the dynamics of trade have affected the data that have been published by the Office for National Statistics, and showed that the number of people who applied for unemployment benefits unexpectedly fell last month, surprising with many experts. According to the report, in March the number of applications dropped by 7,000, reaching with a total of 1,530,000 applications. Note that according to the average forecast of economists, the value of this index was to remain unchanged. We also recall that in the period between February and January, the number of applications for benefits fell by 5,300, which was revised from the level of 1.5 million In addition, it was reported that the unemployment rate remained unchanged at 4.6 percent, compared with forecasts to increase to the level of 4.7 percent. Meanwhile, we note that the unemployment rate, which is calculated by the ILO, during the three months to February was 7.9 percent, compared with 7.7 percent in the three months to November. Note that many economists expect unemployment to a level only 7.8 percent. The Office for National Statistics also reported that in the period between December and February in the UK was recorded 2.56 million people unemployed, which is 70,000 more than in September and November 2012.

In addition, the minutes of the Bank of England from April 3-4, published today, showed that the MPC voted unanimously for having to leave rates unchanged at 0.5%. As for the asset purchase program at £ 375 billion, six members voted for its preservation, and three against. The head Mervyn King, David Miles and Paul Fisher, who voted against, chose to increase it by £ 25 billion to £ 400 billion As the protocol, the IFA has confirmed recent reports that were in line with expectations, and that "the promotion by funding programs lending and asset purchases could provide a gradual economic recovery, although there were signs that the pace of credit growth has slowed, and net lending is still reduced. "

Value of the dollar rose sharply against the euro, which was partly due to the fact that the French government presented a stability program. As it became known to reduce the budget deficit in 2014 will be 70% achieved through spending cuts. Meanwhile, it was noted that the budget deficit should amount to 2% of GDP in 2015 and 1.2% of GDP in 2016, the debt will peak at 94.3% of GDP in 2014 against 93.6% in 2013 g, and the budget deficit should reach 3.7% of GDP in 2013 and 2.9% in 2014 Note also that the French government predicts GDP growth of 2% in 2015 and beyond.

Also influenced by the dynamics of trade data, which showed that up to February construction output in the euro area has declined, but slowed its pace of decline compared to the previous month, but still, adding signs that the currency bloc can survive its sixth quarterly economic downturn row. Note that this was the fourth consecutive monthly decline. According to the report, the construction of the month in February fell by 0.8 percent, compared with a fall of 2.1 percent in the previous month. Recall that according to initial estimates, the volume of construction in January fell by 1.4 percent.

It is learned that among the Member States, the decline was registered in Poland, Germany and Portugal, but remained unchanged in Spain. In addition, the data showed that the annualized construction output rose in February by 0.8 percent, which followed a fall of 9 per cent in the previous month. The statistical agency also reported that the European Union construction output fell by up to 0.4 percent in February from a month earlier. Note that, in annual terms, the volume of construction in the EU decreased by 1.1 percent.

The yen traded weaker against all major currencies against the measures taken to mitigate the monetary policies adopted by the Bank of Japan, which continue to put pressure on the Japanese yen. Additional pressure on the yen has had a growth stock index of America, which reduced demand for safe haven. Tomorrow will begin the meeting of finance ministers and central banks of the G20. This is the first meeting since then, such as Japan, the third largest economy in the world, has activated a program to combat deflation. Japan is preparing to respond to criticism from foreign colleagues. The U.S. Treasury has said that in the last time watching the large-scale measures the Bank of Japan's monetary stimulus aimed at combating chronic deflation. The sharp fall in the yen exchange rate causes concern because of the possibility of competitive devaluations by trading partners, in the U.S. state the department.

EUR / USD: during the European session, the pair fell to $ 1.3114

GBP / USD: during the European session, the pair fell to $ 1.5227

USD / JPY: during the European session, the pair fell to Y97.60

At 14:00 GMT in Canada will publish the report of the Bank of Canada's Monetary Policy for the 2nd quarter and we will know the decision of the Bank of Canada on the basic interest rate. Also in this time will cover the application of the Bank of Canada. At 14:30 GMT the United States will present data on stocks of crude oil from the Ministry of Energy in April. At 15:15 GMT the press conference of the Bank of Canada. At 18:00 the U.S. will publish economic survey of the Fed's regional "Beige Book." At 23:50 GMT Japan will announce the overall balance of trade in goods, the adjusted balance of foreign trade, changes in the volume of exports of goods and changes in the volume of imports of goods in March.

17.04.2013 12:15


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