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16.08.2016 12:17

European session review: Euro and the pound rose against the US dollar

The following data was published:

(Time / country / index / period / previous value / forecast)

8:30 UK Producer Price Index (m / m) July 0.3% Revised to 0.2% 0.2% 0.3%

8:30 UK producers selling prices index, y / y in July -0.2% Revised to -0.4% 0% 0.3%

8:30 UK producers purchase prices index m / m in July 1.7% Revised to 1.8% 1% 3.3%

8:30 UK purchasing producer prices index, y / y in July -0.5% 4.3% 2%

8:30 UK Retail Price Index m / m in July to 0.4% -0.1% 0.1%

08:30 UK retail price index y / y in July 1.6% 1.7% 1.9%

8:30 UK Consumer Price Index m / m in July 0.2% -0.1% -0.1%

8:30 UK Consumer Price Index y / y in July 0.5% 0.5% 0.6%

8:30 UK consumer price index base value, y / y in July 1.4% 1.3% 1.3%

9:00 Eurozone index of sentiment in the business environment from the ZEW Institute in August -14.7 -6.3 4.6

9:00 The Eurozone trade balance, without seasonal adjustments in June 24.6 25.8 29.2

9:00 Germany Sentiment Index in the business environment of the institute ZEW August -6.8 2 0.5

The euro rose against the US dollar, supported by strong data on the index of sentiment in the business environment of the ZEW Institute in Germany and the euro zone.

The index of sentiment in the business environment from the ZEW Institute in Germany rose less than expected to 0.5 in August from -6.8 in July. The index was expected to rise to 2 in August.

Similarly, the current conditions rose to 57.6 compared to 49.8 in July. Economists had forecast that the indicator improved to 50.2.

"The indicator of economic sentiment from the ZEW partially recovered from Brexit shock," said ZEW President Achim Wambach.

"Political risks within and outside the European Union, however, continues to hamper a more optimistic economic outlook in Germany. In addition, uncertainty about the stability of the EU banking sector is maintained," said Wambach.

Economic confidence index in the euro zone rose by 19.3 points to 4.6 points in August. Increased by 2.1 points, the current economic situation indicator reached a value of minus 10.3 points in August.

The pound rose against the US dollar after the release of positive inflation data while the demand for the US currency remained under pressure.

In the UK, inflation increased slightly in July to its highest level since November 2014, showed the Office for National Statistics on Tuesday.

Consumer prices rose 0.6 percent year on year in July, after rising 0.5 percent in June. Economists had forecast that inflation will remain at 0.5 percent.

On a monthly basis, consumer prices fell by 0.1 percent, as expected, which was the first drop in six months. In June, prices rose by 0.2 percent.

Core inflation, which excludes energy, food, alcoholic beverages and tobacco, slowed slightly to 1.3 percent in July compared with 1.4 percent in June.

Another ONS report shows that manufacturers selling prices increased for the first time since June, 2014. Prices for finished goods advanced by 0.3 percent year on year, after a decline by 0.2 percent in June. Prices were expected to remain unchanged in July.

On a monthly basis, producer prices rose 0.3 percent in July, showing the same growth rate as in June and slightly faster than expected growth of 0.2 percent.

At the same time, the purchase prices have increased markedly by 4.3 percent per year after easing 0.5 percent a month ago, and also faster than the expected 2 percent rise.

The monthly increase in purchase prices accelerated to 3.3 percent from 1.7 percent. Economists had forecast an increase of 1 percent.

Comments by president of the Federal Reserve of San Francisco John Williams led to a large-scale reduction in the US dollar on Tuesday.

On Monday he said that the central bank executives should either increase the target level of inflation, which currently stands at 2%, and start using any new reference-based pricing levels or on the economic growth.

A higher target for inflation rate may give the Fed more room to keep the interest rates at current levels.

EUR / USD: during the European session, the pair rose to $ 1.1303


GBP / USD: during the European session, the pair rose to $ 1.2994


USD / JPY: during the European session, the pair fell to Y99.79

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