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28.10.2013 18:40

American focus: the euro fell

The euro is moderately lower against the U.S. dollar after the release of mixed U.S. data . As recent data , which were presented by the Federal Reserve , at the end of last month, the volume of industrial production in the U.S. has grown significantly , thereby exceeded the average forecasts of experts. According to the report , in September, the volume of industrial production increased by a seasonally adjusted 0.6 % compared with August , while capacity utilization rose by 0.4 percentage points - to the level of 78.3 %. Add that to the experts on industrial production would grow by 0.4 % and capacity utilization - to 78.1 %. Note that the gain in September , industrial production rose back to the average of 2007, which is fixed for the first time since the recession. Also, the data showed that the growth rate for August remained unedited - at the level of 0.4 %. The Federal Reserve also reported that the production in the manufacturing sector , which is the largest component of industrial production, increased in September by 0.1 %, which was followed , after rising 0.5 % in August. Output in the utility sector , meanwhile, grew by 4.4 % during the month, after declining in the previous five months.

Another report showed that the number of Americans who signed contracts to buy housing, dropped sharply in September , registering with the fourth monthly decline in a row, which was mainly due to an increase in interest rates on mortgages and fiscal uncertainty. The National Association of Realtors reported that the index, which measures the number of pending home sales in the secondary market , fell by a seasonally adjusted 5.6% compared to August , reaching at the same annual rate of 101.6 , the lowest level since December 2012 . We add that, given the recent deterioration in the figure was 1.2% lower than in September 2012 . It was the first time in more than two years, the number of pending home sales were lower than a year earlier. Note that according to the average forecast of experts , the index should have grown by 0.5 % , after falling 1.6 % in August.

We add that the markets are also waiting for the meeting of the Operations Committee on the Federal Open Market on Wednesday in hopes of getting guidance on the timing of folding. Experts point out that the Federal Reserve is likely to repeat that it is not willing to reduce the amount of bond buying program and will wait for more evidence that the economy is strong enough to cope with the reduction incentives. The vast majority of analysts agree that the central bank will continue the program of asset purchases , which is $ 85 billion a month after the end of the two-day meeting on Tuesday and Wednesday . In the accompanying statement , the central bank is likely to confirm the possibility of folding the program purchases until the end of the year. In recent days, many well-known economists have revised their expectations about the first reduction in the QE March 2014 .

The pound fell against the dollar, losing the position of all previously earned .

Earlier, the strengthening of the British currency was due to the release of the report from Hometrack, which showed that the average price in the sale of housing in the UK continued to rise in October, which was due to increased demand among buyers. However, the number of proposed homes for sale declined, raising questions about the health of the housing market. According to the report , the average asking price for a house in the UK rose by 0.5 % in October compared with the previous month , when prices rose at the same pace . This marks the ninth consecutive monthly increase in prices . On an annual basis , house prices rose in October by 3.1 %, compared with an increase of 2.4 % in the previous month.

Add that after the publication of GDP data for the UK next major event for the pair will be meeting FOMC, although the markets and predict that Bernanke will be neutral tone . Tomorrow Britain will publish reports on the money supply , loan approvals for mortgages , consumer loans , and in the second half of the week - the data on potrebdoveriyu Gfk, Nationwide house prices and PMI Markit.

28.10.2013 18:03

European stocks close

Market Focus

  • U.S.: Industrial Production (MoM), September 0.1% (forecast 0.2%)
  • Britain can't get full single market access with free movement concessions - Merkel
  • Earnings Season in U.S.. Major Reports of the Week
  • New Zealand CPI, 3Q: 0.2% q/q (forecast 0%), 0.2% y/y (forecast 0.1%)
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