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23.07.2015 12:16

European session review: the pound fell sharply against the US dollar


8:30 UK Retail Sales m / m in June 0.3% Revised to 0.2% 0.3% -0.2%

8:30 UK Retail sales, y / y in June to 4.7% from 4.6% Revised 4.9% 4.0%

The euro rose sharply against the US currency, approaching to a maximum of 15 of July. Experts point out that the reason for this growth can be called normal operation stops with the optimism caused by the result of the vote in the Greek parliament. Yesterday the Greek parliament voted in favor of the second package of creditors' claims. MPs 230 votes to 63 approved a bill on the measures needed for the final negotiations on the 3rd program of financial aid to Greece of 86 billion euros ($ 93 billion). Approved steps simplify judicial decisions and incorporate into national law of the EU directive on the reorganization of troubled banks. Thirty-six deputies of the ruling party Syriza did not support the position of Tsipras to vote. Against the claims of creditors of the first package approved last week, were 39 representatives of the Party. Tsipras said he would carry out anti-crisis program, but does not consider it correct. He stressed that he would do everything possible to improve the final terms of the agreement.

In the course of trade is also affected by expectations the publication of data on the US and the eurozone. Today at 12:30 GMT the United States will report on the number of initial applications for unemployment benefits. According to forecasts, the number of applications increased by 280 thousand. Against 281 thousand. By the end of the previous week. Recall, this indicator can serve as a kind of benchmark in order to determine what will be the main data on the US labor market (the unemployment rate and the number of new jobs created in non-agricultural sectors of the US economy).

With regard to statistics for the euro area, at 14:00 GMT will be presented to the index of consumer confidence for July. It is expected that the index worsened to -5.68 to -5.6.

The pound dropped significantly against the US dollar, which was caused by the publication of weak data on sales in Britain. According to the report of the Office of National Statistics, retail sales (including motor fuel) decreased by 0.2 percent compared to the previous month. Recall the end of May sales rose by 0.3 percent (revised from 0.2 percent). It was the first drop in sales for the three months. Experts expect that sales will increase by 0.3 percent. Also, the data showed that, except for the sale of motor fuel sales declined by 0.2 percent, while economists had forecast an increase of 0.4 percent, which would correspond to a change in May. On an annual basis, retail sales growth (including motor fuel) slowed to 4 percent from 4.7 percent in May. Economists had expected sales to rise 4.9 percent. It is worth emphasizing sales increase recorded for 27 consecutive month, which is the longest series since May 2008. Excluding automotive fuel, sales growth slowed to 4.2 percent from 4.5 percent. It expects sales to grow by 5.1 per cent. In the second quarter sales rose 0.7 percent compared with an increase of 0.9 percent in the three months to March. Last growth rate was the lowest since the third quarter of 2014. Without adjusting for falling prices, retail spending in the second quarter rose 1.3 percent, recording a minimum pace since the first quarter of 2013.

The yen was moderately higher against the dollar, approaching to yesterday's high. Traders noted that the dollar seems to be resumed decline, marked the beginning of the week. The decision of the Greek Parliament was the driver of demand for risky assets and a weaker dollar.

Little impact on the yen also provided data on the trade balance of Japan. As it became known, in May, Japan's trade deficit in June amounted to - ¥ 69 billion against a deficit of - ¥ 217,2 Bln. This figure was lower than the forecast of analysts ¥ 5.4 billion. Exports from Japan grew at the fastest pace in five months. It is a sign that foreign demand has supported the restoration of the Japanese economy. According to the Ministry of Finance of Japan, exports in June rose by 9.5% compared with the same period of the previous year due to demand for automobiles and semiconductors from abroad. In May, the annual growth of exports by 2.4%. Export growth was partly due to the weakening of the Japanese yen over the past 12 months. Exports to China grew by 5.9%, while exports to the US jumped by 17.6%. Imports declined by 2.9% in June, the decline observed the sixth consecutive month.

EUR / USD: during the European session, the pair rose to $ 1.1003

GBP / USD: during the European session the pair fell to $ 1.5584

USD / JPY: during the European session the pair fell to Y123.67

At 12:30 GMT, Canada will publish data on retail sales for May. Also at this time, will the traditional American report on the number of initial applications for unemployment benefits. At 14:00 GMT the euro zone will present the consumer confidence index for July and the US - the index of leading indicators for June. At 22:45 GMT New Zealand declares the trade balance for June.

23.07.2015 12:00


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