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01.05.2013 17:40

American focus: the euro exchange rate has increased significantly

The euro rose against the dollar as market participants expect the outcome of today's meeting of the Federal Open Market Committee Federal Reserve. Likely to change monetary policy at this meeting virtually eliminated. Likely to be announced plans for the conservation of bond purchases at the current level.

Note also that the impact on the dynamics of trade data, which showed that manufacturing activity in the U.S. in April slowed, thereby exceeded the estimates of economists. According to the report, the purchasing managers' index for the manufacturing sector in April fell to 50.7 against 51.3 in March. Recall that the index values ​​above 50 indicate an increase in activity in the sector. We also note that, according to the average forecast value of this indicator was reduced to the level of 51.0. All indexes in the ISM report showed mixed trends, but overall showed an increase in activity. The new orders index rose in April to 52.3 against 51.4 in March, having fallen sharply compared to 57.8 in February. Export index fell to 54.0 from 56.0. The production index rebounded in April to 53.5 from 52.2. The employment index slowed to 50.2 from 54.2. The index of inventories remained in negative territory for the second month in a row and fell to 46.5 from 49.5. ISM report shows a weakening of price pressure on manufacturers in April. Prices paid index fell to 50.0 from 54.5 in March, jumped to 61.5 in February.

The Australian dollar fell against most of its 16 most-traded currencies, after the Chinese government report showed that the outcome of last month's manufacturing activity expanded, but at a slower rate, and an increase in new orders and production declined, increasing the likelihood that recovery in the second largest economy in the world, still remains unstable. According to the report, the purchasing managers' index, which measures activity in the manufacturing sector fell last month to a level of 50.6, up from 50.9 in March. We add that, according to the average forecast of economists, the value of this index was down to 50.8. Recall that the index value above 50 indicates expansion of the sector. It should be noted that PMI is in growth area for seven months. In addition, it was reported that the growth of new orders was moderate, against which the relevant index fell to 51.7 from 52.3 in March. Note also that the production index fell to 52.6 from 52.7 in the previous month.

The pound rose to a 11-week high against the dollar, as it became known, that the situation in the UK manufacturing sector improved in April, buoyed by an increase in export orders and levels of production. The data showed that the index of purchasing managers in the manufacturing sector in the UK April rose to 49.8 from a revised figure for March at 48.6. Recall that the index value below 50 indicates contraction activity. Note that economists had expected growth of the April index to 48.6, compared with the March index at 48.3, which was reported initially. Economists said that the main incentive steel export orders, which rose for the first time in over a year and the fastest pace since July 2011.

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • 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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