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25.10.2013 12:16

European session: the euro fell

08:00 Eurozone Private Loans, Y/Y September -2.0% -1.9% -1.9%

08:00 Eurozone M3 money supply, adjusted y/y September +2.3% +2.3% +2.2%

08:00 Germany IFO - Business Climate October 107.7 108.2 107.4

08:00 Germany IFO - Current Assessment October 111.4 111.4 111.3

08:00 Germany IFO - Expectations October 104.2 104.5 103.6

08:30 United Kingdom GDP, q/q (Preliminary) Quarter III +0.7% +0.8% +0.8%

08:30 United Kingdom GDP, y/y (Preliminary) Quarter III +1.3% +1.5% +1.5%


The euro fell against the dollar after data showed that the mood of German business confidence unexpectedly deteriorated in October , as expectations of sales declined in most industries, including manufacturing . The business confidence index according to the Ifo Institute fell for the first time in six months to 107.4 in October from 107.7 in September , below the projected growth to 108.2 . But in general, the mood in the business community are still strong and the economic recovery continues , economists say.

The euro rose by 8 % in relation to the U.S. dollar from July to two-year high , just above 1.38 dollars this week, it could undermine German exports . Ifo said that about 7,000 companies participating in the monthly survey reported some deterioration in business prospects. Indicator of business expectations fell to 103.6 in October from 104.2 in September. In addition, the Company assesses the current business situation is less favorable . The corresponding Ifo index fell to 111.3 from 111.4 in September.

Another report showed that the euro zone money supply growth slowed unexpectedly in September, and loans to the private sector declined slightly slower pace . M3 money supply grew by 2.2 percent year on year in September, slower than the 2.3 percent growth rate , which was in August , according to the European Central Bank . According to forecasts , the growth rate were to remain at the August level.

The data showed that the reduction of total lending , which is available to residents eurozone deepened to 0.7 percent from 0.5 percent the previous month . Meanwhile, the government loans rose 0.7 percent in September , compared with 2.1 percent in August. Loans to the private sector fell by 1.1 percent in September , compared with a 1.2 percent fall in the previous month .

The pound rose against the dollar at the beginning of the European session after the release of the preliminary GDP data for the UK . The UK economy expanded at the fastest pace since the second quarter of 2010. Gross domestic product grew by 0.8 percent sequentially in the third quarter, slightly faster than the 0.7 percent expansion recorded in the previous three months. The growth rate in line with economists' expectations . Growth in the third quarter was the biggest since the second quarter of 2010, when GDP grew by 1 percent.

Compared to the third quarter of 2012 the economy grew by 1.5 percent. ONS, however, noted that the Olympic and Paralympic Games , which were held during the third quarter of 2012, increased the level of GDP in the quarter . The data showed that the volume of production increased by 1.4 per cent in agriculture, 0.5 percent in industry and 2.5 percent in construction. The dominant services sector grew by 0.7 percent.


EUR / USD: during the European session, the pair fell to $ 1.3775


GBP / USD: during the European session, the pair rose to $ 1.6238 , and then fell to $ 1.6166

USD / JPY: during the European session, the pair rose to Y97.41

In the U.S., at 12:30 GMT will change in orders for durable goods , a change in orders for durable goods excluding transportation equipment in September , in the 13:55 GMT - an indicator of consumer confidence from the University of Michigan in October.

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