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24.07.2012 12:28

European session: euro fell


07:00 France Manufacturing PMI (preliminary) July 45.2 45.6 43.6

07:00 France Services PMI (preliminary) July 47.9 47.7 50.2

07:30 Germany Services PMI (preliminary) July 49.9 50.1 49.7

07:30 Germany Manufacturing PMI (preliminary) July 45.0 45.3 43.3

08:00 Eurozone Manufacturing PMI (preliminary) July 45.1 45.3 44.1

08:00 Eurozone Services PMI (preliminary) July 47.1 47.3 47.6

08:30 United Kingdom BBA Mortgage Approvals June 30.2 31.4 26.7

Euro drops after weak reports PMI France, Germany and the eurozone. The preliminary composite Purchasing Managers Index (PMI) for the euro area remained unchanged in July compared to June. However, he pointed out that the company eurozone sixth consecutive month reduced activity. Index values ​​below 50 indicate a decline in activity over the previous month. But first came the fall of the activity data in the private sector in Germany to their lowest level in more than three years. They outweigh the previously published data of China, showing that the second largest economy in the world can avoid a "hard landing".

Also negatively affected by a single currency is that the rating agency Moody's Investors Service on Monday downgraded the credit rating outlook for Germany, the Netherlands and Luxembourg with a "stable" to "negative", referring to the increasing excitement of the crisis in the region.

On Tuesday, Spain held an auction for the sale of short-term bills, being able to attract 3.04 billion euros ($ 3.7 billion), while the target range was from 2 billion to 3 billion euros. Spain sold the three-month bills at 1.63 billion with an average yield of 2.434%, while in June, similar bills yield was 2.362%. There have also been sold to six-month debt paper to 1.42 billion euros. Yield increased from the last 3.237% to 3.691%.

The British pound fell after data showed that the number of approved applications for mortgages in the UK in June decreased. According to the British Bankers Association (BBA), it is said that during the summer activity in the housing market will remain low. The number of approved applications decreased to 26.269 million versus 29.567 thousand in May, which was the lowest since January 2009. The report also states that the total amount of mortgage lending in June was Stg7, 193 billion against the Stg7, 687 billion in May.

EUR / USD: pair dropped to $ 1.2081

GBP / USD: pair fell to $ 1.5485

USD / JPY: a pair in the session fell to Y78.09 low and then rose to the level of Y78.28

At 12:30 GMT in Canada, there are data on changes in retail sales and a change in retail sales, excluding auto sales in May. In the U.S., will be released at 13:00 GMT the index of business activity in the manufacturing sector in July, and 20:30 GMT - changes in stocks of crude oil, according to the API. At 22:45 GMT New Zealand is to publish the trade balance (for 12 months from the beginning of the year) and the balance of external trade for June. Finish the day at 23:50 GMT Japanese data on the overall balance of foreign trade, the adjusted balance of foreign trade, changes in exports and imports for June.

24.07.2012 12:11


Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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