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10.06.2013 12:00

European session: the euro exchange rate has recovered from lows


00:00 China Bank holiday

05:00 Japan Consumer Confidence May 44.5 44.8 44.5

05:45 Switzerland Unemployment Rate May 3.1% 3.2% 3.2%

06:00 Japan Eco Watchers Survey: Current March 56.5 56.3 55.7

06:00 Japan Eco Watchers Survey: Outlook May 57.8 57.1 56.2

06:45 France Industrial Production, m/m April -0.6% +0.2% +2.2%

06:45 France Industrial Production, y/y April -2.5% -4.0% -0.5%

07:00 Eurozone ECB's Jens Weidmann Speaks

07:15 Switzerland Retail Sales Y/Y April -0.9% +2.5% +3.3%

The euro rose against the U.S. dollar, reaching a maximum at the same session, which partially helped the data from the research center Sentix, which showed that confidence among investors the euro zone improved in June, registering with the second monthly increase in a row. According to a report in the current month sentiment index rose to 11.6, up from -15.6 in May. However, it is worth noting that the last result, however, was slightly weaker than average forecasts of experts at -11.3. In addition, it was reported that a sub-index, which assesses the current situation in the euro area increased in June to the level of -28.8, compared with -32.3 in May, while the sub-index of expectations rose in particular to 7.3 from 2.8 in the previous month. The data also showed that the sentiment index for the euro zone's largest economy - Germany increased after two consecutive declines in recent months. According to the report, the sentiment index for Germany rose to 16.2 in June from 15.2 in May.

Add that investors are also expected to address by the President of the Federal Reserve Bank of St. Louis James Bullard. The official spoke today at an economic forum in Montreal. In May, Ballard said he would prefer to maintain the current rate of redemption of bonds as long as inflation is opaseniya.Zayavleniya Fed officials closely monitored markets in response to the growing expectations of the phasing out of the Central American program of quantitative easing.

The yen fell against the U.S. dollar, even despite the fact that the final data, which were presented yesterday by the Ministry of Finance of Japan, showed that in the first quarter, GDP grew slightly more than initially expected by experts. The report showed that, compared with the previous quarter, an increase of Japan's GDP in January-March was 1%. Earlier, the Ministry of Finance reported that economic growth in this period reached 3.5% in annual figures. But then, this estimate has been changed, because the investment in fixed assets decreased to a lesser extent than originally anticipated. Overall economic growth has been achieved primarily by increasing the amount of personal consumption, which in Japan accounted for approximately 60% of the gross domestic product. GDP has increased and because of the increase in exports, primarily to the United States and a number of Asian countries. In addition, it was reported that the annualized GDP growth was revised up to 4.1% compared with the prior reading of 3.5% and a 0.2% expansion in the previous three months. Commenting on the latest data, the Japanese Prime Minister Shinzo Abe said today that the economy may in his country will contribute to overcoming the negative effects of the global economy.

The pound was little changed against the dollar, as many market participants are waiting for tomorrow's report on industrial production. Recall that in March, the volume of industrial production increased by 0.7%, beating expectations with the majority of experts. In combination with a stronger-than-expected GDP growth in the first quarter, the growth of industrial production has a back pressure on the Bank of England to expand its asset purchase program. We expect that the UK economy will continue to grow, and the PMI will continue to move through the territory expansion. However, it is worth noting that, compared to the same period of the previous year the index of industrial production has been negative since April 2011, and the demand for British goods and services in Europe is currently suffering from the ongoing recession in the Eurozone. On this, until we see improvements in the rest of Europe, we should not expect significant growth in industrial production the UK.

EUR / USD: during the European session, the pair rose to $ 1.3229

GBP / USD: during the European session, the pair rose to $ 1.5548

USD / JPY: during the European session, the pair rose to Y99.00

At 12:15 GMT Canada is to release data on the number of Housing Starts in May. At 13:50 GMT we planned a member of the Federal Open Market Committee D. Bullard. At 19:00 GMT c address by a member of the board of the National Bank of Switzerland Jean-Pierre Danthine. At 22:00 GMT New Zealand will house price index for May from REINZ. At 23:50 GMT Japan will release the business conditions index for large manufacturers for the II quarter.

10.06.2013 11:45


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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