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19.04.2013 12:15

European session: the British Pound has increased significantly

Data

02:00 China Leading Index March +1.3% 0.0%

04:30 Japan All Industry Activity Index, m/m February -1.4% -0.6% +0.6%

06:00 Germany Producer Price Index (MoM) March -0.1% +0.2% -0.2%

06:00 Germany Producer Price Index (YoY) March +1.2% +0.7% +0.4%

08:00 Eurozone Current account, adjusted, bln February 13.8 13.9 16.3

10:00 Eurozone ECB Announces 3-Year LTRO Repayment


The pound strengthened against the dollar and the euro after the next governor of the Bank of England Governor Mark Carney is not signaled that the central bank will expand stimulus measures, which usually contribute to the depreciation of the currency. Note that Carney - the current head of the Bank of Canada, which will replace Mervyn King on July 1. Recall that at its last meeting, the Bank of England kept the size of the program to purchase assets, or so-called quantitative easing at 375 billion pounds ($ 576 billion) on April 4. Politicians also left its key interest rate at a record low of 0.5%. Meanwhile, note that the last representative of the Bank of England's Martin Weil said that the reduction in the rate of inflation in the UK can determine the further promotion of the central bank. He added that the favorable signals from wages and commodity prices point to the "greater room for maneuver" for the Bank of England. Weil acknowledged that the risks remain that the economy could shrink in Q1, which could lead to a new recession. Then it could become the third decline in the UK for 5 years.

The euro exchange rate was slightly higher against the dollar after the data, which were presented by the European Central Bank, have shown that up to February the euro area balance of payments surplus has increased markedly, being thus higher than analysts' forecasts, which was largely due to a significant drop in deficit in current transfers. According to the report, the seasonally adjusted balance of payments surplus rose to the level of EUR 16,3 billion, compared with € 13.8 billion in the previous month. Note that according to the average forecasts of experts, the surplus would rise to the level of 14.5 billion euros. In addition, the data showed that the surplus in trade in goods rose to EUR 12,2 billion, compared with EUR 12 billion in January. Meanwhile, it was learned that the surplus in services fell to 8 billion euros from 8.2 billion euros. The European Central Bank also said that revenues were down to the level of 5.9 billion euros from 6.2 billion euros a month earlier, while the deficit in current transfers decreased to EUR 9,8 billion to EUR 12.6 billion . The data also showed that without seasonal adjustments account surplus rose in February to the level of 12.1 billion euros, compared with a deficit of 5.6 billion euros in January.

The yen fell against the dollar after Finance Minister Taro Aso managed to avoid criticism by the G20 in Washington, because Japan devalued its own currency to a four-year low. Today continue meeting of finance ministers and central bankers G-20. Moreover, its approval of the actions of the Bank of Japan expressed the European Commissioner for Economic and Monetary Affairs Olli Rehn and IMF chief Christine Lagarde. "If we consider the problem of recession and deflation in Japan, it is possible to understand the actions of the Central Bank, aimed at a record easing in monetary policy and the weakening of the yen," - said Rehn. Additional pressure on the yen has that next week, on April 26, a regular meeting of the Bank of Japan. Investors expect that the regulator will continue to expand the course of incentive programs that have helped to lower the yen against the U.S. dollar by 19% over the past six months.


EUR / USD: during the European session, the pair rose to $ 1.3111

GBP / USD: during the European session, the pair rose to $ 1.5367, but later fell to $ 1.5332

USD / JPY: during the European session, the pair rose to Y99.35


At 12:30 GMT Canada will present the consumer price index and core consumer price index from the Bank of Canada in March, and will announce the change in the volume of wholesale trade for February.


19.04.2013 12:00

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