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20.06.2013 12:25

European session: the dollar rose

04:30 Switzerland SNB Financial Stability Report 2013

06:00 Germany Producer Price Index (MoM) May -0.2% 0.0% -0.3%

06:00 Germany Producer Price Index (YoY) May +0.1% +0.3% +0.2%

06:00 Switzerland Trade Balance May 1.70 2.45 2.2

07:00 France Manufacturing PMI (Preliminary) June 46.4 47.1 48.3

07:00 France Services PMI June 44.3 45.0 46.5

07:30 Germany Manufacturing PMI (Preliminary) June 49.4 49.9 48.7

07:30 Germany Services PMI (Preliminary) June 49.7 50.1 51.3

07:30 Switzerland SNB Interest Rate Decision 0.25% 0.25% 0.25%

07:30 Switzerland SNB Monetary Policy Assessment

07:30 Switzerland SNB Press Conference

08:00 Eurozone Manufacturing PMI (Preliminary) June 48.3 48.6 48.7

08:00 Eurozone Services PMI (Preliminary) June 47.2 47.7 48.6

08:30 United Kingdom Retail Sales (MoM) May -1.1% +0.8% +2.1%

08:30 United Kingdom Retail Sales (YoY) May +0.5% +0.2% +1.9%

09:00 Eurozone Eurogroup Meetings June

10:00 United Kingdom CBI industrial order books balance June -20 -15 -18


The dollar rising against the euro the second day in a row after Bernanke's comments on the possibility of folding program of bond purchases in anticipation of today's release of data on the housing market and the manufacturing sector in the U.S.. According to the median forecast of experts, the number of purchased property in the states is likely to grow by 0.6% compared to the previous month. The value may be the highest since November 2009.

The dollar index is trading near one-week high after Fed Chairman Ben Bernanke said the central bank is prepared to reduce the volume of purchases of bonds this year and even suspend them in 2014, when the economy will show steady growth. Also, the U.S. Federal Reserve decided to keep the key interest rate in the range of 0-0.25% per annum. This decision was predicted by most analysts. Also, officials have decided to keep the asset purchase program in the amount of 85 billion dollars for the preservation of super soft monetary policy voted in eight of the ten members of the Open Market. Opposed by the president of the Federal Reserve Bank of g.Sent Louis James Bullard, who believes the Fed's actions insufficient to control inflation, as well as president of the Federal Reserve Bank of Kansas City, Esther George, who feared that the holding of such a policy threatens to unbalance the economy in the future. Federal Reserve policies also updated economic outlook for 2013 and expect GDP growth of 2.3-2.6% vs 2.3-2.8% projected in March.

Released in the region, statistics on business activity in the manufacturing sector and the service sector has had little impact on the single currency.

The yen strengthened against most major currencies, against the background of falling Asian stock market, which increases the demand for safe haven.

The Australian dollar fell after the preliminary data published by PMI manufacturing index from HSBC in China have disappointed investors. In June, the figure was 48.3, while economists had expected to see 49.1. AUD / USD rate reached a low for almost 3 years at $ 0.9200.

The pound has recovered after falling against the U.S. dollar after data on retail sales in Britain. Retail sales in the UK in May strongly revived after the failure of April, as consumers are willing to use advertising campaigns supermarkets. The data shows that consumers are still willing to spend money, despite the pressure exerted on their budget weak wage growth and inflation. Recent figures may strengthen expectations that the economy continued to grow in the 2nd quarter. National Bureau of Statistics reported that in May retail sales rose by 2.1% compared with April and by 1.9% compared with the same period last year.


EUR / USD: during the European session, the pair fell to $ 1.3180


GBP / USD: during the European session, the pair dropped to $ 1.5413 and then rose to $ 1.5483

USD / JPY: during the European session, the pair rose to Y98.32


At 13:00 GMT the United States will leave the index of business activity in the manufacturing sector in June. At 14:00 GMT Eurozone will release an indicator of consumer confidence for June. At 14:00 GMT the United States will publish a volume of sales in the secondary market for May and the manufacturing index, the Philadelphia Fed in June.

20.06.2013 12:10

Orders

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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