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31.05.2013 12:15

European session: the euro exchange rate fell sharply

Data

01:00 New Zealand ANZ Business Confidence May 32.3 41.8

01:30 Australia Private Sector Credit, m/m April +0.2% +0.3% +0.3%

01:30 Australia Private Sector Credit, y/y April +3.4% +3.0% +3.1%

06:00 Germany Retail sales, real adjusted April -0.1% +0.3% -0.4%

06:00 Germany Retail sales, real unadjusted, y/y April -2.5% +1.1% +1.8%

06:45 France Consumer spending April +1.3% -0.5% -0.3%

06:45 France Consumer spending, y/y April +1.2% 0.0% +0.2%

07:00 Switzerland KOF Leading Indicator May 1.04 1.08 1.10

08:30 United Kingdom M4 money supply, m/m April -0.9% +0.1% +0.3%

08:30 United Kingdom M4 money supply, y/y April +0.3% -0.1%

08:30 United Kingdom Net Lending to Individuals, bln April 0.9 0.9 1.4

08:30 United Kingdom Mortgage Approvals April 53.5 54.6 53.7

09:00 Eurozone Harmonized CPI, Y/Y (Preliminary) May +1.2% +1.4% +1.4%

09:00 Eurozone Unemployment Rate April 12.1% 12.2% 12.2%


The yen rose against all major currencies, despite a report that pointed to a decline in inflation. As shown by the data that was presented today by the Bureau of Statistics of Japan, the level of consumer prices in Japan continued to fall in April, registering at this sixth monthly decline in a row, which is a problem for Japan after the introduction of unprecedented measures to overcome deflation, which is celebrated for 15 years. According to a report on the results of April, the consumer price index excluding fresh food prices, fell by 0.4 percent year on year, which followed a fall of 0.5 percent in the previous month. It should be noted that this reduction is fully in line with the average forecast of most experts.

Recall that the Bank of Japan has sent its own measures to achieve the target inflation rate of 2 percent for two years. In addition, we add that the Bank of Japan's forecast that the consumer price index will register a smaller drop in the moment. Also note that in April, the central bank announced the massive monetary easing to get out of deflation and support the economic recovery.

In the Bureau of Statistics also reported that all the elements of the consumer price index fell from a year earlier. The food prices were down 1.8 percent, while housing costs fell 0.4 percent. Prices of transport and communication were 0.1 percent lower than a year earlier.

However, the core consumer price index in Tokyo, which is an indicator of price trends nationwide by one month in advance, rose this month by 0.1 percent year on year.

The euro exchange rate fell sharply against the dollar, which has been associated with the publication of data on unemployment.

As shown by recent data that have been published by Statistics Eurostat, last month the eurozone labor market has not shown any signs of recovery, registering growth in the unemployment rate to a new record high.

According to the report, the seasonally adjusted unemployment rate in April rose to 12.2%, compared to 12.1% in March. However, despite the increase, this result is fully consistent with the median forecast of economists.

According to Eurostat, in the past month, the number of unemployed totaled 19,375 million, which is 95 000 more than in March. Compared to last year the number of unemployed increased by 1644000.

In addition, it was reported that the unemployment rate among young people (under 25 years) rose again in April, reaching 3,624,000 people. The number of unemployed young people were also 188,000 more than in April 2013. Given these data, the unemployment rate among young people was 24.4%, compared with 22.6 percent in April 2012.

We also add that the overall unemployment rate in the EU-27 was in April at 11%. Among EU Member States, the highest unemployment rate was seen in Greece and Spain. The lowest rates were observed in Austria, Germany and Luxembourg.

EUR / USD: during the European session, the pair fell to $ 1.2967

GBP / USD: during the European session, the pair dropped to $ 1.5183, but later rose to $ 1.5220

USD / JPY: during the European session, the pair fell to Y100.29


At 12:30 GMT Canada will announce the change in GDP for the quarter year on year in Q1 and the change in the volume of GDP in March. At 12:30 GMT the U.S. will release the main index for personal consumption expenditures and the deflator of personal consumption expenditures for April, and will announce the change in the level of spending for April. At 13:45 GMT the U.S. Chicago PMI index will be released in May.

31.05.2013 12:00

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