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07.02.2014 13:15

European session: the euro fell sharply against the U.S. dollar

00:30 Australia RBA Monetary Policy Statement Quarter I

01:45 China HSBC Services PMI January 50.9 50.7

05:00 Japan Leading Economic Index December 111.1 111.9 112.1

05:00 Japan Coincident Index December 110.7 111.7

07:00 Germany Current Account December 21.6 23.5

07:00 Germany Trade Balance December 18.9 Revised From 17.8 17.3 18.5

08:00 Switzerland Foreign Currency Reserves January 435.2 437.7

08:15 Switzerland Retail Sales Y/Y December +4.2% +3.9% +2.3%

09:30 United Kingdom Industrial Production (MoM) December 0.0% +0.7% +0.4%

09:30 United Kingdom Industrial Production (YoY) December +2.5% +1.8%

09:30 United Kingdom Manufacturing Production (MoM) December 0.0% +0.6% +0.3%

09:30 United Kingdom Manufacturing Production (YoY) December +2.8% +1.5%

09:30 United Kingdom Trade in goods December -9.4 -7.7

11:00 Germany Industrial Production s.a. (MoM) December +1.9% +0.5% -0.6%

11:00 Germany Industrial Production (YoY) December +3.5% +2.6%


The euro exchange rate fell sharply against the U.S. dollar after the German Constitutional Court declared that transmits its decision on operations of the ECB on the open market of the EU Court of Justice . In the accompanying statement, the court said that the plan of the Central Bank for the purchase of bonds , " beyond the mandate of the ECB monetary policy and violates the powers of the participating countries , and violates the prohibition of monetary financing of the budget ." However , the court said that if the decision on the OMT program is adopted restrictive , it will match the German constitution . According to the court , the program OMT can obtain the status of a legitimate , if not undermine the principles of rescue programs EFSF and ESM. Thus, intended to exclude the possibility of reducing the Agreement on the European Stability Mechanism , as well as any unlimited Bank program .

Little impact on the bidding had data on industrial production in Germany . As it became known that the volume of German industrial production unexpectedly fell in December , signaling that Europe's largest economy remains vulnerable to weakness in the rest of the region . Production decreased by 0.6 % from November , when it rose 2.4%. Economists had forecast an increase of 0.5%. Production grew by 2.6% compared with a year earlier , adjusted for the number of working days. Ministry of Economy said that the prospects of industrial production in 2014 remain positive on the background of the " revival" of consumption and improving business confidence .

Pound is trading slightly higher against the dollar, despite the sharp decline earlier. Exerted pressure on the currency report , which showed that the volume of production in the manufacturing sector rose in December by 0.3 percent , which was significantly less than forecasts at 0.6 percent. Meanwhile, the total volume of industrial production, which accounts for about 15 percent of the British economy grew by 0.4 percent in December from November . It is estimated that production would grow by 0.7 percent. We also add that in the fourth quarter , industrial output grew by 0.5 %, which was slightly below the initial assessment at the level of 0.7 % , which was published last month. However, lower growth in itself is not sufficient to cause a downward revision to the pace of economic growth in the 4th quarter , reported in the statistical agency .

The yen fell against the dollar on the eve of today's publication of official statistics on the employment market in the United States . According to the median forecast of economists, the number of new jobs created in the U.S. economy is likely to grow to 185 thousand in January , compared to 75 thousand a month earlier, which was the smallest increase since January 2011 . The unemployment rate , according to the same projected to remain at 6.7 % , the lowest level since 2008.

Recall that the last published data on the number of new applications for unemployment benefits . The number of people who applied for benefits in the U.S. fell by 20,000 to 331,000 in the week ended Feb. 1. This suggests that the U.S. labor market continues to improve gradually .


EUR / USD: during the European session, the pair fell to $ 1.3551

GBP / USD: during the European session, the pair fell to $ 1.6299 , and then recovered to $ 1.6329

USD / JPY: during the European session, the pair rose to Y102.30


At 13:30 GMT , Canada will report on the unemployment rate and the change in the number of employed in January , while the U.S. will release data on unemployment and the change in the number of people employed in non-farm payrolls in January . At 15:00 GMT Britain to publish data on the change of the NIESR GDP in January .

07.02.2014 11:45

European stock rose

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