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03.04.2014 18:20

American focus : euro fell on Draghi comments

The euro fell after the head of the European Central Bank Mario Draghi did not rule out that the European regulator may implement quantitative easing program , while maintaining a long period of inflation.

" We do not exclude the possibility of quantitative easing in order to cope with that too long a period of low inflation " - Draghi said at a press conference after a meeting of the ECB.

He said that the controller is ready to use unconventional instruments of monetary policy , if the need arises , and the current mandate allows it. While Draghi noted that while the lack of traditional instruments .

Today the ECB left its key interest rate at a record low of 0.25 % per annum.

Officials have refrained from raising against the backdrop of conflicting signals on the one hand, the economy in the region , covering 18 states , is gradually recovering , and on the other hand, the unemployment rate remains very high. At the same time companies are trying to raise prices .

According to Draghi , the possibility of quantitative easing was discussed at the meeting on Thursday as a possible tool .

By prognozamn ECB head , inflation will remain at a minimal level during the current year , and the acceleration will be recorded only in the 2015 target of 2% consumer price inflation reached only by the end of 2016

As for economic growth , it is restored at a moderate pace , although downside risks remain , Draghi said .

Some support to the dollar was data showing that in March the index of business activity in the U.S. service sector , calculated by the Institute for Supply Management (ISM), increased slightly, reaching the level of 53.1 while compared with the February reading at around 51.6 . According to experts , the value of this indicator was up to 55.5 . All major sub- indices were in February in the territory of the expansion (more than 50 ), and 3 out of 4 even showed growth.

Little impact on the European currency also have today's data , which showed that business activity index for the services sector fell in March to reach 52.2 from February's 32-month high of 52.6 points . Experts expect that this figure will be 52.4 points. However, the service sector firms were more optimistic about future prospects - the sub- index of business expectations rose to 64.0 from 62.4 , the highest since mid-2011. The final composite index fell to 53.1 from 53.3 in March . Preliminary reported 53.2 . However, the index remains above 50 for the ninth consecutive month , based on improved market conditions and an increase in new orders.

Another report showed : in February, sales rose by 0.4 percent compared with an increase of 1.0 percent in January (revised downwards from 1.6 per cent). Many economists had forecast a decline in sales of 0.3 percent. Add that food sales rose in February by 0.3 percent , while sales of non-food - by 0.8 percent . In annual terms, sales in February also increased - by 0.8 percent , which was slightly higher than estimates of experts at 0.6 percent.

Pound fell against the dollar , which was associated with the release of weak UK data . As it became known , the services sector continued to expand in the UK last month , indicating that the sustained economic growth in the first quarter , although the pace of this growth was the slowest since June last year . According to the index of purchasing managers index for the services sector fell to 57.6 points in March from 58.2 in February , which was below the consensus forecast of economists at the level of 58.2 points. Nevertheless, the index remained well above the level of 50 points , which indicates expansion and points to strong growth in the services sector , which accounts for over three quarters of the UK economy. We add that the employment index in the services sector fell to 53.5 in March from 55.6 in February , the new orders index increased at the slowest pace in 10 months , and the index of business expectations fell to its lowest level since November . Studies have also revealed that the composite index of business activity for the manufacturing, construction and service sector fell to 58.1 in March from 58.6 in February , while reaching the lowest level since June last year. We add that the prices paid index fell to its lowest in nearly a year .

The yen traded almost unchanged against the dollar ahead of tomorrow's publication of official unemployment data from the U.S. Labor Department . According to the median forecast of economists in March U.S. employers created 200 thousand jobs against 175 thousand in the previous month . Yesterday the published employment figures from the Research Institute of ADP. In March, private sector employment increased markedly , came close to the forecasted values. According to a report last month, the number of employees increased by 191 thousand compared with a revised upward figure for the previous month at 178 million ( initially reported growth of 139 thousand ) . Add projected their number would grow to 192 thousand

The Japanese yen also affected the data for China , which showed that the mood in the service sector in China have improved in March , which is a positive sign for the second largest economy in the world . Purchasing Managers Index for China's services sector , which is calculated HSBC, rose to 51.9 against 51.0 in February. Nevertheless , the official index of manufacturing activity in China in March dropped to around 54.5 to 55.0 in February.

03.04.2014 17:20

European stocks close

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