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21.03.2014 13:15

European session: the pound fell moderately against the U.S. dollar

Data

00:00 Japan Bank holiday

09:00 Eurozone European Council Meeting

09:00 Eurozone EU Economic Summit

09:00 Eurozone Current account, adjusted, bln January 20.0 Revised From 21.3 18.4 25.3

09:30 United Kingdom PSNB, bln February -6.4 7.8 7.47

12:30 Canada Retail Sales, m/m January -1.9% Revised From -1.8% +0.8% +1.3%

12:30 Canada Retail Sales ex Autos, m/m January -1.5% Revised From -1.4% +0.9% +1.0%

12:30 Canada Consumer Price Index m / m February +0.3% +0.6% +0.8%

12:30 Canada Consumer price index, y/y February +1.5% +0.9% +1.1%

12:30 Canada Bank of Canada Consumer Price Index Core, m/m February +0.2% +0.5% +0.7%

12:30 Canada Bank of Canada Consumer Price Index Core, y/y February +1.4% +1.1% +1.2%


Rate of the euro retreated from highs against the dollar , while returning to the opening level of the current session . Partly influenced by the dynamics of the data , which showed that the positive balance of payments euro zone increased significantly in the month of January , which was caused by an increase in the trade surplus in goods and services . According to the report , the seasonally adjusted current account surplus rose in January to a level of 25.3 billion euros, compared with a surplus of 20 billion euros a month earlier, which was revised down from 21.0 billion euros. Meanwhile , we add that the surplus in trade in goods amounted to 15.9 billion in January, compared with EUR 14.5 billion in the previous month . In addition, the services account surplus rose to 11.8 billion euros from 9.6 billion euros in December. The European Central Bank reported that the growth of the surplus in merchandise trade deficit was partially offset by a current account transfers - at 9.3 billion, however , the deficit fell from 11.2 billion euros in December. Revenue fell to 6.8 billion euros from 7.1 billion euros.

Also note that investors are waiting for evidence of improvement in consumer confidence in the euro-zone economy . A preliminary report will be released in 15:00 GMT. Economists estimate that the index potrebdoveriya rose in March to minus 12.3 points from minus 12.7 points a month earlier .

The course of trading may also affect the word Fed : 17:45 GMT to perform a member of the Committee on the Federal Open Market R. Fisher in 20:30 GMT - member of the Federal Open Market N. Kocherlakota , and 22:30 GMT - Member FOMC Fed Jerome Stein .

The pound fell slightly against the dollar , reaching thus minmiuma yesterday . Possible driver of this decline was the dynamics of GBP / JPY, due to the increasing demand for the yen. Repatriation flows bound for Japan in anticipation of the end of the financial year are probably now the only catalyst for the exchange . Little influenced by data that showed that the UK 's budget deficit in February widened more than expected . Note that net borrowing in the public sector , excluding the intervention has increased to 9.3 billion pounds in February , while in the same period last year borrowing was 6.5 billion pounds. In January 2014 net borrowing in the public sector showed a negative balance of 4.99 billion pounds. It was expected that the budget deficit will rise to 8.6 billion pounds. Over the 2013/14 financial year net borrowing in the public sector excluding temporary effects of financial interventions was 87.2 billion pounds. It turned out to be 17.9 billion pounds higher than for the same period of 2012 /13 , while borrowing was 69.3 billion pounds. In addition, according to official figures , net debt in the public sector excluding temporary effects was 1.2468 trillion pounds by the end of February , which is equivalent to 74.7 % of GDP.

The yen fell against the dollar , while losing all positions earned in the first half of the day . Liquidity during the Asian session was low , as financial markets in Japan closed for a public holiday. Support also has a pair of growth yield of U.S. Treasury bonds , a weakened yen appeal as safe-haven currency . In addition, the decline of the pair will be constrained by the loose monetary policy of the Bank of Japan and the orders to buy the yen by Japanese importers. American calendar of events is almost empty - only planned for the evening performances of several representatives of the Federal Reserve, which can cause sharp fluctuations .


EUR / USD: during the European session, the pair fell to $ 1.3764 , but then rose to $ 1.3805

GBP / USD: during the European session, the pair fell to $ 1.6473

USD / JPY: during the European session, the pair traded dropped to Y102.00, then returned to Y102.40


At 15:00 GMT the euro area indicator of consumer confidence will be released in March . At 17:45 GMT we planned a member of the Committee on the Federal Open Market R. Fisher. At 20:30 GMT will make the Bank of England Chief Economist Spencer Dale . At 20:30 GMT - we are a member of the Committee on the Federal Open Market N. Kocherlakoty . At 22:30 GMT member of the Committee on the Federal Open Market Jerome Stein .

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