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11.06.2013 18:25

American focus: Yen showed a record growth

The euro rose against the U.S. dollar at the time, as it is today began a two-day session of the Federal Constitutional Court of Germany, the highest judicial body of the country. As part of the hearing the judge will appreciate the legitimacy of government bond buyback program OMT, which is the head of the European Central Bank (ECB), Mario Draghi announced in September 2012. As stated by a member of the ECB Executive Board Jörg Asmussen, a potential solution to the German court against the ECB's program to buy back government bonds could mean new risks for the single currency. The court will also consider the question of the constitutionality of eurozone stabilization fund - the European Stability Mechanism. According Y.Asmussena, when the ECB announced a program to repurchase the bonds, "the euro area was close to the uncontrolled disintegration," but OMT "showed speculators that the euro will be protected, will fight for it." Meanwhile, the head of the Bundesbank, Weidmann opposed the OMT. He said that the priority duty of the ECB is to ensure price stability and, in this regard, some of the decisions of the Bank called "problem." He also warned of the need to observe the long-term effects of anti-crisis policies.

The pound was up against the U.S. dollar against the publication of better-than-expected report on Britain. As shown by recent data that has been submitted by the Office for National Statistics, at the end the month of April, industrial production increased significantly with the slowing pace compared to the previous month. Economists note that growth was based increase in activity in the mining sector, mineral sector, the extraction of water and disposal of waste. According to the report, in April, the volume of industrial production increased by only 0.1%, compared with an increase of 0.7% in March and an increase of 0.9% in February. It is worth noting that according to the average forecasts of experts, industrial production was down by 0.4%. Also, the data showed that the manufacturing industries decreased April 0.2% 1.1% modifying growth that was observed in the last month. Economists had expected the figure to remain unchanged.

The Japanese currency has increased significantly against the dollar, after the following meeting on June 10-11, the Bank of Japan kept its course of monetary policy unchanged, refraining from additional measures to support the economy, including the expected extension of credit operations, which it uses to reduce the volatility in the the debt market. Most experts expect that the Bank of Japan to adopt new credit operations of at least one year. Recall that in April of this year, the Japanese Central Bank increased its purchase of government bonds to 7 trillion yen per month. The Bank of Japan will now purchase government bonds with all maturities, including 40-year bonds, and the average maturity of government bonds to maturity on the balance sheet will be increased from 3 to 7 years. Since then, the yield on 10-year Japanese government bonds rose five basis points to 0.875%, which caused concern investors. We also add that after today's meeting of the Monetary Policy Central Bank head Kuroda have on improving the state of the Japanese economy, while recognizing the existence of a high degree of uncertainty. The Bank also provided comments on the topic of excess volatility JGB, highlighting the undesirability of this fact and the intention to make efforts to limit this volatility. "In the future we will consider the possibility of extending operations with a fixed rate, if the situation requires it," - said Kuroda. The head of the Central Bank said that the monetary authority is considering easing policy, but stressed at the same time, it is still too early to assess the full impact of these measures.

11.06.2013 17:27

European stocks close

Market Focus

  • U.S.: Industrial Production (MoM), September 0.1% (forecast 0.2%)
  • Britain can't get full single market access with free movement concessions - Merkel
  • Earnings Season in U.S.. Major Reports of the Week
  • New Zealand CPI, 3Q: 0.2% q/q (forecast 0%), 0.2% y/y (forecast 0.1%)
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