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12.04.2013 18:00

American focus: the euro rose by playing with some of the lost positions today

The dollar fell against the euro, retreated with maximum session, helped by U.S. data presented. The Commerce Department reported that retail sales, including service and food, fell 0.4% to a seasonally adjusted to $ 418.28 billion, on Friday. Sales rose 2.8% from a year ago. Economists had expected sales volume remains unchanged. Retail sales are a key component of consumer spending, which accounts for over two-thirds of demand in the U.S. economy. Spending at gasoline stations fell by 2.2%, and this trend is likely to continue. Average gas price in the peak spring and summer season, is expected to decline by about 6 cents compared to last year, the Energy Information Administration reported. On a positive sales growth in restaurants, shops and furniture stores. This may be a sign that consumers spent their discretionary income on items, not only for current needs. But sales excluding gasoline fell 0.2% for the month. Sales also fell in the service of car dealers, electronics, sporting goods stores and products.

In addition, we note that today Eurogroup issued a statement on Cyprus. The document states: The European Commission is pleased to note that the Cypriot authorities take decisive action against banks agreed to restructure and recapitalize to remedy the precarious situation in the financial sector. Euro-group has encouraged the authorities for their determination in the implementation of important measures in the tight time constraints, also supporting the efforts of citizens of Cyprus, taken over the past week. " Eurozone finance ministries expect rescue fund ESM give the green light to provide a proposal Cyprus € 10 billion on April 24. The first tranche of aid can be allocated to the middle of May.

Following the statement of the eurozone finance ministers on Cyprus, the Eurogroup announced that the maturity of loans received by Ireland and Portugal under the financial assistance will be extended. The head of the Eurogroup Disselblyum confirmed that euro zone finance ministers agreed to give 7 years of Portugal and Ireland, so they paid the loans of up to 78 billion euros and 85 billion euros. He also confirmed that the main provisions of the proposal could be considered at the forthcoming meeting of Ecofin, which starts later. The representative of the European Commission's Olli Rehn expressed hope that Ecofin will give the green light to these measures, which, in his opinion will be an important step in the recovery process.

The British pound fell against the dollar amid a report on manufacturing in the UK construction sector, which in February rose by 5.5% compared to the previous month. However, compared with the same period last year, it decreased by 7%. These data are not adjusted for seasonal fluctuations of activity and may be revised. The UK economy is risking a recession for the third time in five years. A recession is usually defined as a decline in GDP for two consecutive quarters. UK GDP in the 4th quarter of 2012 decreased by 0.3%.

The yen rose against all major currencies after a technical indicator signaled that rate of the Japanese currency fell too much, too fast, after the Bank of Japan announced an unprecedented incentive measures last week. Meanwhile, the strengthening of the yen contributed to the administering of the Bank of Japan Haruhiko Kuroda, who said that the purpose of aggressive easing of monetary policy is weakening the yen. Perhaps his words are an attempt to address the concern that Japan wants to support its economy, triggering a devaluation of the currency. He added that the monetary policy of the Bank of Japan will never be targeted for currency. Meanwhile, Kuroda added that the currency of the country, carrying out quantitative easing, may still be in demand, if the strengthening of the economy is due to other policy instruments.

The Canadian dollar was down against the U.S. dollar, which happened for the first time this week, as the volume of retail sales in the U.S. dropped significantly, showing the biggest drop in nine months, and in light of the fact that measures to strengthen the financial system in Europe gave a failure.

Note that the attention of the market is also confined to a meeting of the Bank of Canada, which will be held next week, according to forecasts, the Bank of Canada left its key interest rate unchanged at 1%.

12.04.2013 17:20

European stock close:

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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