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25.04.2013 12:15

European session: the British Pound has increased significantly

Data

00:00 Australia Bank holiday

00:00 New Zealand Bank holiday

08:30 United Kingdom GDP, q/q (Preliminary) Quarter I -0.3% +0.1% +0.3%

08:30 United Kingdom GDP, y/y (Preliminary) Quarter I +0.2% +0.4% +0.6%


The euro rose against the dollar, as the desire for risk in the markets stimulates the growth of the pair with the absence of the key drivers in the eurozone. Note that the dynamics of the trade is also affected by the fact that many market participants are waiting for a weekly report on the U.S. labor market, although it is unlikely to have a significant impact on the markets. In addition, we note that today German Chancellor Merkel expressed the desire that the holders of bank shares also took some of the responsibility for the future, and said that as long as the government does not approve of the general deposit insurance system. She also said that the rate increase would help Germany. The head of the Supreme Committee of Finland said that the euro will survive if Cyprus will leave the euro zone, and also rejected the chance of introducing rules of financial transactions in the euro area. The IMF Lipton and head of PIMCO suggested that the ECB may continue to soften policy.

The British pound rose significantly, aided by the British publication of the data. Note that today's report on UK GDP for Q1 showed that the UK economy managed to avoid the dreaded "triple" recession, while showing a growth rate of 0.3%, which was above the average analyst forecast of 0.1%. The reason for the unexpected growth of the economy was the services sector, which expanded at a 0.6%, while the strongest sectors were transport and communications (1.4%), which is completely at odds with reports that bad weather had violated distribution channels. We add that the Bank of England is now in a more comfortable situation at the persistence of the current monetary policy at its next meeting in two weeks, but the markets have already received a hint that this might happen, after yesterday's announcement about the growth of the program funding banking sector has pointed out that the Bank of England will delay the expansion of quantitative easing and direct its resources on targeted policies aimed at expanding credit channels.

The Japanese yen rose against the dollar. Note that a new wave of rising yen threatened the mark of 99.00. In the light of future events in Japan - the inflation report and the meeting of the Central Bank, analysts note that the data will point to the problem faced by the Bank of Japan announced at the meeting that tomorrow. It is unlikely that the Central Bank will be decided on the new measures, but the monetary authorities can update their inflation forecasts. It should be taken as a signal. In anticipation of the success of its program, the Bank of Japan may raise its forecast for the 2014 fiscal year to 1.5%, while expectations for 2015 could rise to 2%.

EUR / USD: during the European session, the pair rose to $ 1.3090


GBP / USD: during the European session, the pair rose to $ 1.5474


USD / JPY: during the European session, the pair fell to Y98.95


At 12:30 GMT the United States will number of initial claims for unemployment benefits and the number of continuing claims for unemployment benefits. At 22:45 GMT New Zealand will release the trade balance (for 12 months, from the beginning of the year) and the trade balance for March. At 23:30 GMT Japan will report on the consumer price index Tokyo, including excluding prices for fresh food, food and energy prices in April, as well as the consumer price index, including excluding prices for fresh food, food and energy in March.

25.04.2013 11:57

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