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05.10.2016 12:10

European session review: EUR/USD accumulates

The following data was published:

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

7:50 France Business activity index in the services sector (final data) September 52.3 54.1 53.3

7:55 Germany Index of business activity in the services sector (final data) September 51.7 50.6 50.9

8:00 Eurozone business activity index in the services sector (final data) September 52.8 52.1 52.2

8:30 UK PMI index for the services sector in September 52.9 52 52.6

9:00 Eurozone Retail Sales m / m in August of 0.3% -0.3% -0.1%

9:00 Eurozone Retail sales, y / y in August 1.8% 1.5% 0.6%

The euro strengthened slightly against the US dollar, approaching yesterday's session high. Against the background of the lack of new significant catalysts investors continue to back yesterday's rumors that the European Central Bank may begin to taper QE before the scheduled time.Bloomberg, citing unnamed sources in the Central Bank, said that the ECB will gradually reduce the monthly purchase of assets in the amount of 80 billion euros before March 2017. The agency said that the ECB could begin a steady decline in the volume of purchase of assets of 10 billion euros per month.

"The central bank may try to test the market and see how reacts to this kind of news and thus reduce the pressure on the banking sector, - said William Hobbs, head of Barclays Plc investment unit -. ECB officials may come to the realization that the current monetary policy does not help the banking sector, which could eventually make it counter-productive. "

Markit Economics reported that the eurozone economy is losing momentum, as the looming political uncertainty facing the region. The final composite index, covering manufacturing and service industries fell in September to a level of 52.6 points compared with 52.9 points. The indicator has coincided with a preliminary estimate, however, it was at its lowest level since January 2015. "The slowdown in growth in the region partly reflects growing caution among business, - said Chris Williamson, chief economist at IHS Markit -. We believe that this trend will continue into next year, as Brexit compounded by uncertainty ahead of elections in France and Germany, along with the ongoing political instability in Italy and Spain. " In addition, the report stated that the index of business activity in the services sector fell to 52.2 points from 52.8 points in August.

A separate report showed that business activity in the UK's services sector grew more than expected, casting doubt on the need for another interest rate cut by the Bank of England next month. The index fell slightly in September - to 52.6 points from 52.9 points in August, when was noticed the biggest monthly increase for the entire 20-year history of the research. Nevertheless, the last value was significantly higher than the average forecast of 52.0 points. The report stated that the overall performance of the economy in the past month was the highest since January. Recall, Markit research on activity in the manufacturing sector and the construction sector, published earlier this week, were also better than expected

The pound fell moderately against the US dollar, falling below $ 1.2700, but soon recovering to the opening level.

EUR / USD: during the European session, the pair rose to $ 1.1232


GBP / USD: during the European session, the pair fell to $ 1.2684, but then went back up to $ 1.2740


USD / JPY: during the European session, the pair rose to Y103.16

05.10.2016 11:46

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