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01.02.2013 13:29

European session: the pound declined

08:30 Switzerland Manufacturing PMI January 49.5 50.5 52.5

08:50 France Manufacturing PMI (finally) January 42.9 42.9 42.9

08:55 Germany Manufacturing PMI (finally) January 48.8 48.8 49.8

09:00 Eurozone Manufacturing PMI (finally) January 47.5 47.5 47.9

09:30 United Kingdom Purchasing Manager Index Manufacturing January 51.4 51.0 50.8

10:00 Eurozone Harmonized CPI, Y/Y (preliminary) January +2.2% +2.2% +2.0%

10:00 Eurozone Unemployment Rate December 11.7% 11.9% 11.7%

The yen depreciated to its weakest level in 2 1/2 years against the dollar and euro amid speculation Prime Minister Shinzo Abe will select a new Bank of Japan governor who will boost monetary stimulus. Japan’s currency headed for 12th weekly decline versus the dollar as a report showed the jobless rate climbed and household spending fell. Japan’s Labor Force Survey showed the nation’s unemployment rate climbed to 4.2 percent in December from 4.1 percent in the previous month. A separate report indicated spending among households fell 0.7 percent in the same period from a year earlier.

The euro strengthened for a fourth day against the greenback as data showed manufacturing in the 17-nation region shrank less in January than earlier estimated. A gauge of manufacturing in the 17-nation euro area rose to 47.9 from 46.1 in December, London-based Markit Economics said today, above an initial estimate of 47.5 on Jan. 24. The reading has been below the 50 level that indicates contraction for 18 months.

Europe’s common currency maintained gains as the European Central Bank said banks will repay 3.5 billion euros of its emergency three-year loans next week. A total of 27 financial institutions will use the second opportunity for early repayment of the initial three-year loan, the Frankfurt-based ECB said in a statement today. Banks returned 137.2 billion euros of long- term funds this week.

The pound fell to a 14-month low against the euro after an industry report showed U.K. manufacturing grew less in January than economists forecast, damping demand for Britain’s currency. Sterling headed for a fourth weekly loss versus the common currency as a European report this week showed economic confidence improved in January, adding to signs the region’s debt crisis is easing. U.K. government bonds fell as stock gains sapped investor appetite for safer assets. Markit Economics and the Chartered Institute of Purchasing and Supply said their gauge of U.K. manufacturing output fell to 50.8 this month from a revised 51.2 in December. Economist forecast a decline to 51. A reading above 50 indicates expansion.

EUR / USD: during the European session, the pair rose to a new high of $ 1.3676

GBP / USD: during the European session the pair updated low of $ 1.5806

USD / JPY: during the European session the pair rose to a new high of Y92.30

At 13:30 GMT the U.S. unemployment rate for January and change the number of people employed in non-agricultural sectors of the economy for January. At 14:00 GMT the U.S. will index of business activity in the manufacturing sector in January, and 14:55 GMT consumer sentiment index from Reuters / Michigan in January. At 15:00 GMT the U.S. will the manufacturing index of the Institute for Supply Management for January and data on construction spending for December.

01.02.2013 13:13


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