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02.04.2013 12:15

European session: the euro fell sharply, dropping below the opening level


01:30 Japan Labor Cash Earnings, YoY February -0.1% -0.1% -0.7%

03:00 Australia Announcement of the RBA decision on the discount rate April 3.00% 3.00% 3.00%

03:00 Australia RBA Rate Statement April

05:30 Australia RBA Commodity prices, y/y March -6.5% -7.5%

07:30 Switzerland Manufacturing PMI March 50.8 50.5 48.3

07:50 France Manufacturing PMI (Finally) March 43.9 43.9 44.0

07:55 Germany Manufacturing PMI (Finally) March 48.9 48.9 49.0

08:00 Eurozone Manufacturing PMI (Finally) March 46.6 46.6 46.8

08:30 United Kingdom Purchasing Manager Index Manufacturing March 47.9 48.9 48.3

08:30 United Kingdom Net Lending to Individuals, bln February 0.6 0.9 1.5

08:30 United Kingdom Mortgage Approvals February 54.2 53.6 51.6

09:00 Eurozone Unemployment Rate February 12.0% 12.0% 12.0%

12:00 Germany CPI, m/m (Preliminary) March +0.6% +0.4% +0.5%

12:00 Germany CPI, y/y (Preliminary) March +1.5% +1.3% +1.4%

The euro fell against the dollar after the presented statistical office Eurostat data showed that the unemployment rate in the euro area remained unchanged in February, and was in line with economists' forecasts. Note that, given the upward revision in the Jan to the level of 12.0%, the unemployment rate in February remained unchanged. Add that last figure in line with expectations of economists, and was slightly higher than originally reported in January (11.9%). We also recall that in February 2012, the unemployment rate was 10.9%. Among the Member States, the lowest unemployment rates were recorded in Austria (4.8%), Germany (5.4%), Luxembourg and the Netherlands, and the highest rates are seen in Greece (26.4%), Spain (26, 3%), and Portugal. In addition, the report showed that the unemployment rate in the European Union amounted to 10.9% in February, compared to 10.8% in January. A year earlier, the unemployment rate in the EU was 10.2%.

The pound fell for the first time in four days against the dollar after a report showed that the UK recession in the manufacturing sector continued last month, but the rate of decline of activity was less significant than in the previous month. According to the report, the Purchasing Managers' Index for the manufacturing sector rose last month to the level of 48.3, while recovering from a four-month low at 47.9, which was recorded in February. However, despite this improvement, the value of this indicator was less than the average forecast of experts at 48.9. Meanwhile, data showed that production at factories Britain had dropped significantly, demonstrating the biggest decline since October last year, while the rate of decline in the number of new orders slowed slightly compared to the previous month.

The yen fell against the dollar in anticipation of the two-day meeting of the Bank of Japan, which will start from tomorrow. Also on this momentum effect concerns related to the position of Prime Minister Shinzo Abe, who said at the parliament that the Bank of Japan should not "sacrifice everything" to achieve the inflation target of 2%. Experts believe that such statements are a signal that the support of the economy will be less active than previously thought. Recall that in this month the Bank of Japan will hold two meetings. The next meeting of the Board of the Central Bank of voting is scheduled for April 26.

The Australian dollar rose after the Reserve Bank of Australia today kept its benchmark interest rate unchanged at 3 per cent, the lowest level in 50 years. Meanwhile, experts said that given the fact that the costs are recovered, there is room for further rate cuts. Commenting on his decision regarding the conservation rate, head of the bank Glenn Stevens said that there are some signs that a substantial easing of monetary policy in late 2011 and 2012, has expansionist economic impact. He added that the outlook for inflation, according to the present time, you can continue easing, if necessary, to support demand.

EUR / USD: during the European session the pair fell to $ 1.2823

GBP / USD: during the European session the pair fell to $ 1.5160

USD / JPY: during the European session, the pair rose to the level of Y93.35

At 14:00 GMT the United States will report on changes in the volume of production orders for February.

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