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24.07.2013 12:14

European session: the euro exchange rate rose moderately

Data

01:00 Australia CPI, q/q Quarter II +0.4% +0.5% +0.4%

01:00 Australia CPI, y/y Quarter II +2.5% +2.5% +2.4%

01:45 China HSBC Manufacturing PMI (Preliminary) July 48.2 48.6 47.7

07:00 France Manufacturing PMI (Preliminary) July 48.4 48.9 49.8

07:00 France Services PMI (Preliminary) July 47.2 47.7 48.3

07:30 Germany Manufacturing PMI (Preliminary) July 48.6 49.3 50.5

07:30 Germany Services PMI (Preliminary) July 50.4 50.9 52.5

08:00 Eurozone Manufacturing PMI (Preliminary) July 48.8 49.1 50.1

08:00 Eurozone Services PMI (Preliminary) July 48.3 48.9 49.6

10:00 United Kingdom CBI industrial order books balance July -18 -12


European currency rose against the U.S. dollar, which has been associated with the publication of upbeat data for the euro area. According to a report from Markit Economics, the composite index of production, which measures business activity in both sectors, rose in July to a 18-month high - at 50.4, down from 48.7 in June. It is worth noting that, according to the average forecast of economists, the value of this indicator was up to the level of 49.1. Recall that the index value above 50 indicates expansion of activity in the sector, while a drop below 50 suggests contraction.

Meanwhile, it was reported that the index of business activity in the manufacturing sector rose to the level of 50.1, down from 48.8 in June. We add that the latest reading was the highest in the last 24 months. Many experts have predicted an increase only to the level of 49.1.

The data also showed that the index of business activity in the services sector rose in July to the level of 49.6, down from 48.3 in June. The value of this index was the highest in the last 18 months. Economists had expected only a slight increase - to 48.9.

Note also that the attention of market participants also focused on the output of today's data on the number of buildings sold in the United States. According to the median forecast of economists figure is likely rose last month to the level of 482 thousand new homes, compared with 476 million in May.

Australian dollar and the Japanese yen fell against the dollar after the release of negative statistics from China. As the results of recent studies that have been presented today Agency HSBC, the index of manufacturing activity in China fell in July to a level of 47.7, which was the minimum value over the past 11 months. Recall that in June, the index was at around 48.2.

In addition, the data showed that the index of industrial production fell from 48.6 in June to 48.2 - a minimum of nine months. Recall that the index value below 50 show a decrease in activity, while growth above this mark suggests the extension.

HSBC experts point out that the continued reduction of the index of business activity in the industry is a sign of a slowdown in China's industry due to the reduction of new orders component and a faster reduction in inventories. It also adds pressure on the labor market.

Given the fact that the Chinese authorities have recently announced that they will provide a minimum accepted level of economic growth needed to ensure job security, data on the index of business activity showed the need for incentives to stabilize the growth of the economy.


EUR / USD: during the European session, the pair rose to $ 1.3254

GBP / USD: during the European session, the pair is trading down $ 1.5335

USD / JPY: during the European session, the pair rose to Y100.17


At 13:00 GMT the United States will publish the index of business activity in the manufacturing sector in July. At 14:00 GMT the United States will become aware of the change in the volume of home sales in the primary market in June. At 21:00 GMT we will know the decision of the Reserve Bank of New Zealand's main interest rate, and will cover the application of the Reserve Bank of New Zealand.


24.07.2013 12:00

Orders

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