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02.10.2013 18:20

American focus: the euro rose on Draghi comments

The European single currency rose sharply against the U.S. dollar against the speech by ECB President Mario Draghi 's press conference and obtain a vote of confidence in the government of Italian Prime Minister Letty . Former Prime Minister Silvio Berlusconi has changed his position , supporting the ruling coalition on Wednesday, after the weekend ordered the five ministers of his political party to leave their posts.

At a press conference after the ECB decided to leave rates unchanged at 0.5 % in October , Mario Draghi said that the rates will be left at this level or even lower for a long time. Central Bank will keep accommodative policy to support economic activity in the eurozone. Inflation in the euro area is low and should remain at this level in the coming months. Upside inflation risks associated with high indirect taxes and raw materials, and the downside risks stem from weaker growth. During a session of questions and reports Mario Draghi reiterated that the Governing Council of the ECB rate cuts discussed during the meeting. He also assured that the Central Bank was prepared to use all available tools , including the LTRO, to stimulate lending.

The pressure on the dollar strengthened after data showed that the number of jobs in the private sector in September rose less sharply than expected. According to ADP, the number of jobs increased by 166,000 last month.

The pound rose against the dollar amid anxiety caused by negative developments in respect of the U.S. budget . Recall that has not resolved the issue with the U.S. debt limit increase . In order to avoid a default that could happen on October 17 , Republicans in the Senate and the Democrats in the White House to reach an agreement .

Note that the pound could not prevent even the weak data on the UK , which showed that up to September growth in the UK construction sector unexpectedly slowed.

According to the report, the purchasing managers' index for the construction sector fell in September to a level of 58.9 , up from 59.1 in August. Recall that the August figure was highest in six months. Add that to the experts according to the average value of the index was to rise to the level of 60.1 . However , despite the decline , the index remains above the 50 mark for the fifth consecutive month , signaling a dramatic expansion of the total production in the construction sector.

Meanwhile , the data showed that all three of the construction sector recorded a higher level of activity in September. Residential construction was the strongest with branches , and the last production growth was the fastest since November 2003 . Commercial construction , meanwhile, increased by the highest rate since May 2012 , and the growth of civil construction activity fell , retreating with the August high .

02.10.2013 17:22

European stocks close

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