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08.04.2013 18:20

American focus: the yen continued to decline

The yen weakened, reaching with 99 yen per dollar, which was the first time since May 2009, on speculation that measures to combat deflation, the Bank of Japan announced last week, will further currency depreciation. Recall that on 4 April the Bank of Japan decided to increase the purchase of government bonds to 7.5 trillion yen per month, while the analysts' consensus forecast of 5.2 trillion yen. In addition, the Central Bank, which a few weeks ago, headed by new chairman Haruhiko Kuroda, furious supporters of active easing of monetary policy, has promised to get to the target inflation rate of 2% in two years.

The dollar weakened against the euro, as many market participants are awaiting speech by Federal Reserve Chairman Ben Bernanke, to be held tonight. Note that the next meeting of the Federal Open Market Committee, the Fed will be held from April 30 to May 1. Recall that at this point the Fed buys U.S. monthly securities backed by mortgage loans, amounting to $ 40 billion, as well as long-term U.S. Treasury bonds in the amount of 45 billion dollars. These and other measures designed to support the mortgage market and improve financial conditions in the economy as a whole. While Bernanke noted that the time to abandon the current practice has not come yet.

Also influenced by the dynamics of trade data, which showed that industrial production in Germany in February rose unexpectedly after a weak start to the year. This points to the fact that Europe's largest economy is slowly recovering from the recession in the 4th quarter of 2012. Industrial production in Germany in February rose by 0.5% m / m, is expected to increase by 0.4% m / m, the previous change was revised from 0.0% m / m and 0.6% m / m Compared with the same period of the previous year, industrial production in Germany fell by 1.8% adjusted for the number of working days in February 2013 compared to February 2012.

The Canadian dollar fell against most of the 16 most-traded currencies, as many market participants estimate submitted at the end of last week. Recall that the number of employed persons decreased in March by 54,500 people, which followed a growth by 50.7 million in the previous month. We add that this drop was a big surprise to many economists, because according to the average forecast of the number of employees would grow by 7.6 thousand Also, data showed that the unemployment rate rose last month to 7.2%, compared to 7 % in February, reaching a peak in November, though many expected that the value of the indicator is unchanged. Note that the March report was bleak across the board, registering with the largest decrease in the number of employees, starting in February 2009, just in time for the raging global recession.

It is learned that private sector employment fell by a whopping 85400, showing the largest monthly decline in this category since January 2009. Note also that in the public sector the number of employees decreased by 7,700 positions, and full employment fell by 54,000 in the month, which is almost all of the March decline. However, employment growth of 38,700 people self-employed in part helped offset a fall.

08.04.2013 17:20

European stock close:

Market Focus

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  • 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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