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16.09.2013 12:15

European session: the euro against the dollar has increased markedly


00:00 Japan Bank holiday

08:00 Eurozone ECB President Mario Draghi Speaks

09:00 Eurozone Harmonized CPI, Y/Y (Finally) August +1.3% +1.3% +1.3%

09:00 Eurozone Harmonized CPI August -0.5% +0.1% +0.1%

09:00 Eurozone Harmonized CPI ex EFAT, Y/Y August +1.1% +1.1% +1.1%

The dollar fell sharply against most major currencies , which in the first place was due to the refusal of the former U.S. Treasury Secretary Larry Summers to participate in the race for the post of chairman of the Federal Reserve System. In a letter to Barack Obama , he wrote that "I have reluctantly decided that any process of approval and adoption of my candidacy will be in a very difficult and acrimonious atmosphere that is not in the interest of the Fed ." Obama issued a statement the former head of the Ministry of Finance . Note also that the appointment of Summers argued by some influential Democrats . Experts pointed out that for Summers were most likely to change as the head of the Federal Reserve Ben Bernanke , whose mandate expires in January 2014. Now that Summers out of the race for the post of head of the Fed , the focus is now aimed at Janet Yellen , the current Deputy Chairman of the Federal Reserve as the main candidate for a seat Bernanke. If the appointment is approved Yellen , the markets seem to lay in the prices of a clear continuation of the current policy regime Bernanke , suggesting a less aggressive approach to the " rapid narrowing ."

We also add that there is to assess the dynamics of the euro against the dollar , we can see that a small influence on the bidding had Draghi speech and data for the euro area . European Central Bank President Mario Draghi reiterated benchmark for future policy ECB interest rates remain at current or lower levels for an extended period, as the economy is still fragile. Speaking at a conference organized by the European business lobbyists , Draghi urged eurozone countries to stimulate economic growth , employment and competitiveness in a region where economic recovery is still at an early stage. According to Draghi , a program of bond purchases in the secondary markets to improve market conditions helped to restore the normal functioning of markets and eliminated the uncertainty that has paralyzed the economy of some countries.

As for the data, they showed that on an annualized basis the August consumer price index rose by 1.3 % (the same as the preliminary estimate), while slowing the pace of its growth compared to July , when the value of this index increased by 1 , 6%. Monthly inflation , meanwhile, was 0.1 in August , which completely corresponded to experts . Recall that in July consumer price index fell by 0.5 %. We also add that in the same period last year the figure was 2.6 %. The data also showed that core consumer price index , which excludes prices of energy , food, alcohol and tobacco rose 1.1 percent, while confirming the assessment of experts, and was flat compared to the previous month .

Value of the pound rose sharply against the dollar, also responding to the gathering of the race of the candidates for the post of head of the Fed . Meanwhile, we add that the course of trade is also affected by information from Rightmove. As it became known today, online real estate portal Rightmove raised its forecast for UK house prices , which was primarily due to the fact that demand continues to exceed supply , amid concerns that the new scheme the government to increase the activity in the housing market will fuel the "bubble" real estate. The agency Rightmove expects housing prices in the country will grow by 6 percent this year , which is much faster than the earlier forecast of 4 percent growth. However , the market continues to record a fall in prices , which is part of the summer traffic. In September, house prices fell by 1.5 percent on a monthly basis , thus reaching the level of 245,495 pounds, which was followed , after falling 1.8 percent in August. Compared to the same period last year, housing prices increased by 4.5 percent in September, which was slower than the 5.5 - percent growth , recorded in August. In addition, it was reported that the number of new sellers in the housing market fell by 9 percent from last month , dropping to its lowest level since February of this year.

EUR / USD: during the European session, the pair rose to $ 1.3373

GBP / USD: during the European session, the pair rose to $ 1.5958 , and then retreated to $ 1.5910

USD / JPY: during the European session, the pair fell to Y98.68

At 12:30 GMT Canada will report on the volume of transactions with foreign securities in July. Also at this time, the U.S. will present manufacturing Empire Manufacturing Index for September. At 13:15 GMT the U.S. will release the capacity utilization rate for August, as well as announce the change in the volume of industrial production in August.

16.09.2013 12:00


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