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05.03.2013 08:21

Forex: Monday’s review

The euro exchange rate fluctuates against the dollar amid insolvency Italian politicians to form a coalition. Exert pressure on the currency upcoming data on Italy's GDP for the fourth quarter, which will show that the region's economy declined in the fourth quarter of 2012.

Market participants expect the news from the meeting in Brussels, the finance ministers of the euro area, as well as a busy week of meetings of central banks. The finance ministers of the euro area meet to discuss whether to give Portugal and Ireland more time to repay loans received under the assistance programs. It is expected that, following last week's inconclusive election in Italy will also discuss the political uncertainty in the country.

With regard to regional statistics, it was mixed. Eurozone confidence among investors decreased significantly in March, topping with analysts' forecasts, and recorded the first decline in six months. Sentix investor confidence indicator fell this month to the level of -10.6, which is the lowest level since December 2012. At the same time, the annual rate of producer price inflation slowed in January to the level of 1.9%, compared with 2.1% the previous month, which fully corresponded to the experts.

The yen rose against all but one of its 16 major counterparts after the Chinese CSI 300 Index fell to the lowest in two years. In addition, the yen strengthened even after the candidate to be the next Governor of the Bank of Japan Haruhiko Kuroda, has promised a more loose monetary policy to overcome deflation in the economy. Kuroda, submitted to Prime Abe said in parliament that the Bank of Japan will do everything possible to end the 15-year period of deflation in Japan.

The pound strengthened against the euro and the dollar amid concern that the formation of the Government of Italy may be delayed, and will have a negative impact on the recovery of 17 countries the currency bloc. In addition, a report released showed that house prices in the UK rose in February, registering the first increase in nine months. Also it was announced that the business activity index fell to the end of last month to the level of 46.8, up from 48.7 in January. Note that according to the average analyst estimate the value of this indicator would grow to the level of 49.2. Recall that the value of the indicator below 50 suggests contraction in the sector. The report also said that total production has fallen sharply, demonstrating the highest rate of decline over the past 3 years. Meanwhile, it was reported that the number of new orders declined, while accelerating its pace, while the so-sector employment showed a slight increase.

05.03.2013 08:01

Stocks: Monday’s review

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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