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20.02.2013 08:43

Forex: Tuesday’s review

The euro rose against the dollar on positive results of the February survey ZEW. Economic sentiment in Germany (from 31.5 to 48.2) and the euro area (from 31.2 to 42.4) improved in February, exceeding forecasts of 35.0 and 35.5 respectively. Assessment of the current situation fell from 7.1 to 5.2 vs. 9.0 (in Germany). We also learned that in December, production in the construction sector eurozone fell by 1.7% m / m vs. 0.4% a month earlier. In the annual comparison index fell by 4.8% compared to -4.7% in November. Current account deficit narrowed in December, Greece from € -0.850 billion to € -0.534 billion

The Australian dollar rose Tuesday against most major currencies after the Reserve Bank of Australia does not rule out the possibility of further lowering the interest rate in case of a fall in economic growth in the region. RBA said that he was satisfied that the series has lasted more than lower rates help stimulate the economy. According to published protocols Tuesday meeting of the central bank, which was held on February 5, the rate of inflation the central bank of Australia provides room for further lowering rates. As a result of this meeting, it was left unchanged at 3.0%.

The Canadian dollar has increased the loss and fell to a new 7-month low after weak economic data in Canada. Wholesale Canada in December fell by 0.9%. The rate of decline is more than two times higher than economists' expectations. Foreign investors reduced their holding are in Canadian shares for 6.68 billion Canadian dollars (6.59 billion U.S. dollars) in December, which was the most significant decline since November 2007. The reason for this was the activities of companies in mergers and acquisitions, said the agency Statistics Canada. Foreign investors in the year invested a total of 83.19 billion Canadian dollars in securities of Canada, with most of this capital was invested in debt securities.

The yen rose against the dollar on comments by Japanese authorities as well as the lack of a common position in the government as to the approach to monetary policy has an impact on the behavior of the Japanese yen. Finance Minister Aso spoke against purchases of foreign bonds, as opposed to Prime Minister Abe. The focus of investors is Abe met with U.S. President Barack Obama. If Obama will support policy measures taken by Abe, the weakening of the yen will continue, experts say.

The British pound fell to the lowest level since July 1.5415 dollar. On the British currency negatively affects fears that tighter fiscal policy will continue to put pressure on the economy, concerns possible downgrade the credit rating of the United Kingdom and the assumption that the next head of the Bank of England will announce the implementation Carney milder policy than that which supports the current Managing King. UK authorities may welcome drop pounds if it will strengthen the competitiveness of British exports. Last week, King said that the weakening of the pound is necessary to reduce the deficit of foreign trade in the UK.

20.02.2013 08:24

Stocks: Tuesday’s review

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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