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11.03.2014 18:20

American focus : the yen rose sharply against the U.S. dollar

The dollar traded lower against the euro , but was able to recover most of the previously lost positions . Impact on the dynamics of trade balance data and Germany on wholesale inventories SSCHA .

As it became known , in January German exports grew more than expected , after a decline in December. Exports rose 2.2 percent on a monthly measurement in January , recovering from the 0.9 percent drop in December. Exports are projected to grow had 1.5 percent . In addition , imports expanded by 4.1 percent after falling 1.4 percent a month earlier. Growth rate significantly higher than the increase of 1.4 per cent expected by economists. Due to the marked increase in import trade surplus fell to a seasonally adjusted to 17.2 billion euro in January from 18.3 billion euros in the previous month . In annualized export growth slowed to 2.9 percent from 4.5 percent in December. Similarly , imports increased by 1.5 percent , which is slower than the growth of 2.4 percent in December.

Another report showed that wholesale inventories in the U.S. rose more than expected in January. According to the data , wholesale inventories rose 0.6 percent in January after rising a revised 0.4 percent increase in December. Economists had expected an increase of 0.5 per cent of reserves compared with 0.3 percent growth , which was originally reported in the previous month. On the other hand, the Commerce Department reported : Wholesale sales fell 1.9 percent in January after rising 0.1 percent the previous month.

British pound retreated from the values ​​against the dollar, but is still trading lower. The pair continues to lose ground in terms of risk aversion dominating the market earlier this week . Mixed data on industrial production in Britain did not have a pair of support , and it remained in the red zone . Note that the volume of industrial production increased by 0.1 percent compared with December . Issue , according to forecasts, had to expand 0.3 percent after 0.5 percent growth in December. Manufacturing output rose by 0.4 percent, the same as in December and remained above the 0.3 percent growth forecast by economists. The annual increase in industrial output accelerated to 2.9 percent from 1.9 percent ..

The course of trade also influenced words representatives of the Bank of England. Today in the British Parliament held a hearing at which the Bank of England and M. Carney MPC members P. Fisher , D. Miles and M. Weale commented on the February inflation report CB. Recall that last month the Bank has changed its policy of transparency, shifting the emphasis from the target threshold unemployment rate of 7% for a number of other factors that should also serve as guidelines in the decision to raise rates . In particular , we are talking about the spare capacity in the economy, productivity growth and wages. Carney noted that the state of the British economy is improving much faster than in the rest of the world . Carney also said that the Central Bank will start folding QE program only after several rate increases , while it does not require consultation with the Treasury on this issue.

The yen rose sharply against the dollar, while escaping with a narrow range , and reaching high yesterday . Currency appreciation can be explained by the reduced demand for safe-haven assets such as equities and commodities , amid concerns about instability in China's financial system . Besides growth of the yen helped drop in copper prices ( fixed for the third day in a row ) to the lowest level since 2010.

We add that the Japanese currency barely reacted to the decision to leave the Bank of Japan interest rates unchanged at 0.10%. Board members unanimously voted to keep monetary policy unchanged. By the end of next meeting confirmed the intention to maintain the policy of increasing the monetary base in the range of 60-70 trillion yen annually . The Bank of Japan also confirmed buyback of government bonds in the amount of government about 50 trillion yen and corporate bonds at 2.2-3.2 trillion .

11.03.2014 18:00

European stock close

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