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12.12.2013 13:16

European session: the pound against the dollar has increased markedly


00:00 Australia Consumer Inflation Expectations December +1.9% +2.1%

00:10 New Zealand RBNZ This chapter Graeme Wheeler

00:30 Australia 's unemployment rate in November 5.7 % 5.8 % 5.8 %

00:30 Australia Employment Change in November 1.1 10.3 21.0

08:00 EU ECB President Draghi M.

8:30 Switzerland Swiss National Bank's decision on base rate 0.25% 0.25 % 0.25%

8:30 Meeting of Switzerland Swiss National Bank on monetary policy

8:30 Press Conference Switzerland Swiss National Bank

09:00 EU ECB Monthly Report December

10:00 Eurozone Industrial Production m / m in October -0.5% +0.4 % -1.1 %

10:00 Eurozone Industrial Production y / y in October +1.1 % +1.1 % +0.2%

The euro exchange rate against the dollar traded mixed , that is a reaction to the publication of the monthly economic report, the ECB and the statements of the head of the ECB Draghi .

Today , in his report of the ECB reiterated that due to the prevailing downside risks , monetary policy will remain accommodative as much as needed to support the economy in the eurozone. This year, the eurozone's GDP is expected to reach 0.4% , and in 2014 and 2015 . - Around 1.1 % and +1.5 % , respectively. According to the Central Bank , the eurozone could face a long period of low inflation , followed by an acceleration to a level close to the target , namely 2%.

We also add that the ECB head Mario Draghi made ​​in the European Parliament with an explanation of the reasons behind the recent decisions of the Central Bank. Draghi said that since the beginning of the crisis in the eurozone was moving mainstream weak recovery. " Low economic activity and high unemployment led to easing of inflation . Against this backdrop, and as part of our mandate to maintain price stability , it was decided to lower the key interest rate to historically low levels , "- he said.

Draghi also said that the ECB has applied a number of non-standard measures to solve the problem of uneven distribution of the effects of lowering rates in the member countries of the eurozone.

Little influenced by the data , which showed that the seasonally adjusted industrial production fell by 1.1 percent in October, the month that followed , after falling 0.2 percent in the previous month , which was revised downward from -0.5 percent . Economists forecast that industrial production increased by 0.3 percent . In annual terms, the volume of industrial production increased in October by 0.2 percent , which was much weaker than economists forecast - at the level of 1.1 percent. We also add that industrial output in September was revised downward to 0.2 percent, compared with the initial estimate of 1.1 per cent level .

Pound rose sharply against the dollar, helped by data from the Conference Board, which showed that the leading indicator for the British economy grew in October , registering with the fourth monthly increase in a row, but in a lesser degree than in the previous month , indicating moderate economic growth in early 2014 . According to the report , the leading economic index increased in October by 0.4 percent on a monthly basis , thus reaching the level of 108.4 points. 6 of 7 components showed growth , the statement said CB.

At the same time , coincident index , which measures current economic situation , rose 0.1 percent to 105.2 points, after increasing 0.2 percent in September. During the six months to October , the leading index rose 4.4 percent, while the coincident index rose by 1.3 percent .

Swiss franc strengthened against the dollar , responding thus to solve the SNB and statements of the head of SNB Jordan.

" The Swiss economy is still facing problems due to lack of growth momentum in the euro area , and the growth is likely to decline in the last quarter of this year ," said the president of the Swiss National Bank Thomas Jordan on Thursday . "The economy has developed favorably in the third quarter , but given the weak economic situation abroad , the risks continue to dominate in Switzerland " - Jordan said at a news conference .

Swiss central bank reiterated its earlier position to prevent the Swiss franc falling below 1.20 francs per euro , promising to buy foreign currency in unlimited quantities, and to take additional measures if necessary . Swiss National Bank also kept its key interest rate in the range of 0% - 0.25 % 10 - consecutive quarter that expected by most economists.

The central bank still expects the economy to grow by Switzerland 1 % to 1.5 % this year and to 2.0% by 2015. This means , Switzerland probably outpace the rest of Europe , as the region is just now coming out of the deep financial and economic crisis in decades. Projected inflation rate this year will be 0.2% , and " no risk of inflation in Switzerland is not at all ," the statement said .

EUR / USD: during the European session, the pair fell to $ 1.3762 , but later came back to $ 1.3780

GBP / USD: during the European session, the pair rose to $ 1.6418

USD / JPY: during the European session, the pair rose to Y102.94, then retreated slightly

At 13:30 GMT , Canada will release the housing price index on the primary market for October and the capacity utilization rate in the 3rd quarter . Also this time, the U.S. will announce the change in the volume of retail trade and submit the import price index for November. At 15:00 GMT the U.S. will report on changes in the volume of reserves in commercial warehouses for October. At 21:30 GMT New Zealand will index of business activity in the manufacturing sector of Business NZ in November.

12.12.2013 13:00


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