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05.03.2014 13:05

European session: The yen declined significantly against the U.S. dollar

Data

00:30 Australia Gross Domestic Product (QoQ) February +0.6% +0.7% +0.8%

00:30 Australia Gross Domestic Product (YoY) February +2.3% +2.5% +2.8%

01:45 China HSBC Services PMI February 50.7 51.0

08:48 France Services PMI (Finally) February 46.9 46.9 47.2

08:53 Germany Services PMI (Finally) February 55.4 55.4 55.9

08:58 Eurozone Services PMI (Finally) February 51.7 51.7 52.6

09:30 United Kingdom Purchasing Manager Index Services February 58.3 58.0 58.2

10:00 Eurozone Retail Sales (MoM) January -1.6% +0.9% +1.6%

10:00 Eurozone Retail Sales (YoY) January -1.0% -0.3% +1.3%

10:00 Eurozone Household Consumption (QoQ) Quarter IV +0.1% +0.1%

10:00 Eurozone GDP (QoQ) (Revised) Quarter IV +0.3% +0.3% +0.3%

10:00 Eurozone GDP (YoY) (Revised) Quarter IV +0.5% +0.5% +0.5%


The euro exchange rate against the dollar rebounded , but still continues to trade slightly lower . Impact on the dynamics of the reported data for the euro area , namely on business activity and GDP . Note that the eurozone economy expanded at a faster pace in the fourth quarter , and confirmed the initial assessment and expert forecasts , helped by an increase in the volume of investment and exports. The report showed that gross domestic product grew by 0.3 percent in the fourth quarter, which was in accordance with the assessment , published on February 14. Recall that in the third quarter the economy expanded by 0.1 percent . In annual terms, gross domestic product grew by 0.5 percent after a 0.3 percent drop in the third quarter . Annual rate was also consistent with the preliminary assessment and expert forecasts .

I also add that many market participants expect the U.S. data , which will be presented later. Analysts believe that they will point to the continuing rise of the U.S. economy. According to the median forecast, the number of employees , estimated ADP Research Institute in February , will rise to 159 thousand Recall , March 7 will be released official data from the Ministry of Labour . It is expected that the unemployment rate will be 6.6 %, which is the lowest level since October 2008 . Also today, will be submitted to the index of business activity in the U.S. service . It is expected that in January drop to 53.8 , compared with 54 in the previous month .

Pound has risen considerably against the U.S. dollar , which helped the submitted data and expectations of tomorrow's meeting of the Bank of England. As it became known , the UK services sector continued to show a steady expansion in February , but a little slow pace compared to the previous month. Support the sector continued to provide a significant increase in new orders. Data showed that the PMI for the services sector by Markit Economics fell to 58.2 in February from 58.3 in January. The latter value was the lowest since June last year , but continue to show a sharp increase in activity on a monthly basis . Economists were expecting the index to fall to 58.0 . We add that the growth recorded for 14 consecutive months. Recent increase in activity was supported by new orders . Since the number of orders continued to grow rapidly , the company decided to raise the number of staff in accordance with the current volume and future activities .

The Japanese yen continued its decline against the U.S. yesterday opponent. Tensions over Russia and Ukraine continues to fall , which provides additional support for risky assets and activates selling yen. Given the lack of significant reports from Japan , the U.S. statistics in the face of employment data from ADP, ISM in services and report the Fed "Beige Book" will attract attention and serve as a catalyst for further dynamics of the pair . In the short term USD / JPY could be supported in view of improving investor sentiment , however, growth is unlikely to be developed against a background of no obvious reasons for the strengthening of the U.S. dollar .


EUR / USD: during the European session, the pair fell to $ 1.3705 , then recovered slightly

GBP / USD: during the European session, the pair rose to $ 1.6725

USD / JPY: during the European session, the pair rose to Y102.48


At 13:15 GMT the United States to declare changes ADP Employment for February. At 15:00 GMT we will know the decision of the Bank of Canada's main interest rate , as well as the accompanying statement will the Bank of Canada . At 15:00 GMT the United States will present a composite index of ISM non-manufacturing areas in February. At 19:00 GMT the United States will take the Fed's economic survey article by region " Beige Book ."

05.03.2014 13:00

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