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09.07.2013 12:05

European session: British pound fell markedly

Data

01:30 Australia National Australia Bank's Business Confidence June -1 0

01:30 China PPI y/y June -2.9% -2.5% -2.7%

01:30 China CPI y/y June +2.1% +2.5% +2.7%

06:00 Japan Prelim Machine Tool Orders, y/y June -7.4% -12.4%

07:15 Switzerland Retail Sales Y/Y May +3.3% +3.7% +1.8%

08:30 United Kingdom Industrial Production (MoM) May +0.1% +0.3% 0.0%

08:30 United Kingdom Industrial Production (YoY) May -0.6% -1.5% -2.3%

08:30 United Kingdom Manufacturing Production (MoM) May -0.2% +0.5% -0.8%

08:30 United Kingdom Manufacturing Production (YoY) May -0.5% -1.5% -2.9%

08:30 United Kingdom Trade in goods May -8.2 -8.5 -8.5

09:00 Eurozone ECOFIN Meetings


The pound fell against the dollar significantly, aided by the publication of the report by Britain. As shown by recent data that was presented today by the Office for National Statistics, the volume of industrial production in the UK has not changed in the month of May, while manufacturing output unexpectedly fell.

According to a report in the May monthly basis, the volume of industrial production showed zero growth, while manufacturing output fell by 0.8%.

It should be noted that, according to experts average output was increased by 0.3% and 0.5%, respectively. We also add that the rate of industrial production for April was revised down to -0.1% from 0.1%.

In addition, the data showed that on an annual basis, industrial production fell by 2.3%, beating economists' forecasts of 1.5% reduction, which was associated with a 2.9% fall in manufacturing and a 3.5% decline in the mining industry and quarrying. With regard to production in the manufacturing industry, it declined by 2.9%, which was also significantly higher than the estimates of experts at -1.5%. Note also that the decline followed the April decline of 0.6% and 0.5%, respectively.

The yen was suspended yesterday's decline against the euro, pending the outcome of a two-day meeting of the Bank of Japan, which starts tomorrow. Officials will discuss the situation in the markets, and, according to rumors, a reassessment of the country's economic growth upwards.

The Australian dollar rose after a strong rise in gold prices in Asia on Tuesday. We also add that traders expect the comments on Wednesday the central bank's assessment of the prospects for the U.S. economy.

The U.S. Federal Reserve will release the minutes of its meeting on June 18-19 on Wednesday, and investors expect the information that policy makers intend to reduce the economic incentives to the end of the week.

Fed Chairman Ben Bernanke is also planning to give a speech on economic policy. Fed may begin to curtail their economic stimulus program by the end of the year.

Experts note that Bernanke may increase expectations that the Fed's bond-buying program, which aims to lower interest rates in the U.S. may be a step closer after the employment data in the U.S. on Friday. The market is still trying to assess whether September will bring a reduction of 85 billion dollar stimulus. The strength of the Australian dollar is growing, despite a lot of bad news on the domestic front. Australian business conditions fell to its lowest level in more than four years, despite the support of record low interest rates and a sharp fall in the local currency, which has helped manufacturers



EUR / USD: during the European session, the pair rose to $ 1.2898, then dropped to $ 1.2855

GBP / USD: during the European session, the pair fell to $ 1.4831

USD / JPY: during the European session, the pair rose to Y101.31


At 12:15 GMT Canada will report on the number of Housing Starts in June. At 14:00 GMT Britain will present data on changes in GDP from NIESR for June. At 20:30 GMT the U.S. will report on changes in the volume of crude oil, according to API. At 23:50 GMT Japan will release the minutes of the meeting of the Bank of Japan on monetary policy in June, and the index of activity in the services sector in May.



09.07.2013 11:46

Orders

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