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01.11.2012 12:21

European session: the euro rebounded

 

 07:00 United Kingdom Nationwide house price index October -0.4% +0.2% +0.6%

07:00 United Kingdom Nationwide house price index, y/y October -1.4% -1.2% -0.9%
08:15 Switzerland Retail Sales Y/Y September +5.9% +6.4% +5.4%
08:30 Switzerland Manufacturing PMI October 43.6 44.6 46.1
09:30 United Kingdom Purchasing Manager Index Manufacturing October 48.4 48.1 47.5
 

The euro fell in early European session against the dollar amid media reports that Spain intends to extend the ban on short selling for 3 more months - it indicates that the authorities are still trying to restore confidence in the domestic market.

Greek PMI in the manufacturing sector declined in October from 42.1 to 41.0.

Later the euro rebounded on expectations of statistics from the United States, including the manufacturing ISM, apply for unemployment benefits and consumer confidence.

The Swiss franc fell against the dollar after the release of statistics. Swiss PMI rose from 43.6 to 46.1 (forecast 44.5). Swiss retail sales fell from +6.0% to +5.4% in September (forecast +4.2%).

Pound is rising against the dollar despite the fact that in October, the British PMI in the manufacturing sector fell to 45.7 against 48.1 the previous month, as reported today by the agency Markit. Analysts had expected the rate will remain unchanged.

Yen is approaching a minimum of four months against the dollar sales by Japanese importers and worsening forecasts for the Japanese economy. Recent data from Japan, including quarterly reports of companies, disappointing, and analysts expect coming Nov. 11 report on third quarter GDP will decrease it. Yen drops on the eve of tomorrow's publication of minutes of meetings of the Bank of Japan, which was held October 4-5. It is expected that the document will be discussed further easing of monetary policy by the central bank.

The Australian dollar rose to a two-week high after PMI index in the industry of the PRC in October exceeded the critical level of 50%. So in October, the index of purchasing managers in the Chinese industry has grown over September to 50.2%. This is reported by the State Department of Statistics of China and the China Federation of Logistics and Purchasing. Experts note that the gradual recovery of PMI index indicates a possible restoration of economic growth in China. The index measures changes in business activity in the sector of the economy, its value is less than 50% indicates a decline in activity, more than 50% - of its growth, values ​​close to 50%, say stagnation.

EUR / USD: during the European session the  pair updated low $ 1.2924 and then recovered in the area of ​​$ 1.2965

GBP / USD: during the European session the pair updated high of $ 1.6175

USD / JPY: during the European session the pair fell to Y79.91

 

At 12:30 GMT the U.S. will release a report on the number of initial claims for unemployment insurance, the number of repeated applications for unemployment benefits in October, as well as changes in the level of labor productivity in the non-manufacturing sector, and changes in the cost of labor for the 3rd quarter. At 13:00 GMT the U.S. will publish the index of business activity in the manufacturing sector in October, and 14:00 GMT - ISM manufacturing index for October. At 19:00 GMT the U.S. Treasury Department released a report on the currency in November. Finish the day at 23:50 GMT Japan Bank of Japan Minutes of the meeting on monetary policy in October.


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