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20.05.2013 18:20

American focus: the U.S. dollar exchange rate declines

The euro rose against the dollar ahead of the publication of reports on German IFO, PMI index for the euro area and the minutes of the FOMC this week. As for the protocol, the markets will closely monitor the tone of statements for clues to limit QE. Many experts expect the key representatives of the Central Bank will sound confident about the program, but also recognize that markets may behold some "turbulence".

We add that the economic calendar today was nearly empty because of the holidays in European countries. It may be noted the data on orders in industry in Italy. In March of 2013 the volume of orders for production equipment in Italy rose by 1.6% compared to the previous month, when the decline was 2.5%, according to the Italian statistics agency Istat. The volume of orders for production equipment in March compared to March 2012 fell by 10%. Analysts had expected growth of the first indicator by 1.6%, and the second drop of 8.4%.

The yen rose against the dollar after Japan's Economy Minister Akira Amari said that a further reduction in the national currency could have a negative impact, after the yen fell to its lowest level since 2008 last week. The yen rose against all but one of the 16 major currencies on news that the Japanese government may be satisfied by the current exchange rate, after a significant decline in the yen earlier. In the Wall Street Journal it was reported that Japan's economy minister Akira Amari said that excessive strengthening of the yen largely corrected and further weakening may be harmful. Further reduction in the USD / JPY may depend on the results of the Bank of Japan on May 21-22, and the speech of the Chairman of the Federal Reserve Ben Bernanke in Congress on May 22. It is expected that the Bank of Japan will not even soften monetary policy, but it can make a "fine tuning" of current operations, to reduce the volatility of the bond market.

The pound rose significantly against the dollar after a report from Rightmove showed that in May, the cost of housing in the UK has increased, registering with the fifth consecutive monthly increase, which was due to the limited supply. According to the report, in May, prices rose, reaching a record high - 249,841 pounds, as new sellers raised prices by 2.1 percent compared to the previous month. Recall that, by the end of last month, prices have shown a similar increase. Meanwhile, studies have shown that taking into account the fifth monthly increase in house prices are now 9.1 per cent higher compared to last year, which is the highest increase since 2004.

The data also showed that property prices in the capital - London, were more than twice as much as the national average, and reached a record high. Note that the average home price rose in May by 3.3 percent to 509,870 while the British pound.

Among the regions that have achieved high growth rates in the last month, became the North of England (at £ 6182, or 4.2%) and the East of England (at £ 8909, or 4%).

On an annual basis, housing prices nationally rose 2.5 percent, which is much faster than the 0.4 percent increase registered in April. According to Rightmove, cheap loans and a positive mood began to release pent-up demand. We also add that the rise in house prices are a signal that the program of asset purchases and credit financing scheme of the Bank of England is the basis of recovery in the property market.

20.05.2013 17:20

European stock close:

Market Focus

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  • Consumer prices in China were up 1.6 percent on year in September,
  • US consumer sentiment surged in early October, reaching its highest level since the start of 2004 says UoM
  • Earnings Season in U.S.: Major Reports of the Week
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