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25.06.2013 12:15

European session: the euro fell from highs against the dollar


08:30 United Kingdom BBA Mortgage Approvals April 32.2 33.1 36.1

09:00 United Kingdom BOE Gov King Speaks

09:00 United Kingdom BOE Chief Economist Spencer Dale Speaks

09:00 United Kingdom MPC Member Dr Ben Broadbent Speaks

09:00 United Kingdom MPC Member Weale Speaks

09:00 United Kingdom Inflation Report Hearings Quarter I

11:30 Switzerland Gov Board Member Fritz Zurbrugg Speaks

The euro exchange rate fluctuates against the dollar, as many market participants are in the publication of U.S. data on orders for durable goods and new home sales. Note that after a significant drop in March, orders for durable goods rose in April by 3.3%. The increase in orders was noted in all categories, but most of the increase was due to a significant growth in the sector of defense and civilian aircraft orders. However, over the past couple of months, orders for durable goods excluding volatile transportation and defense sector showed a slight growth. We also add that recent studies have shown that the ISM manufacturing index came in May, to the territory of reduction, and the main components showed weakness.

As for the other report, it is worth adding that sales of new homes continued to learn the dynamics of sales of existing homes. Add that with the reduction of the number of problem transactions, it is clear that many potential buyers are looking to build new homes. The data showed that new home sales rose in April by 2.3%, which followed a similar rise in March. In addition, it was reported that the level of sentiment among builders finally moved above the threshold, which indicates that more builders assess the current conditions as "good" than "bad". Recall that it was the first time since April 2006, when the index rose above that mark. In addition, today it was announced today that Spain held an auction on state debt, during which it was sold to the third nine-month bonds worth 3.07 billion euros, higher than the maximum target. The country sold a 9-month bonds worth 2.14 billion euros at yield 1.441% vs. 0.789% previously, and 3-month bonds worth 0.93 billion euros at yield 0.869% vs. 0.331% previously.

The yen rose, retreating from a two-week low against the U.S. dollar lower against the two-day Asian shares and the liquidity problems of Chinese banks. Recall that at the end of last week due to the lack of liquidity rate of one-day and weekly repo interbank lending rose to its highest level in five years, reaching the historic mark June 20 in 13.44%. Yesterday, the People's Bank of China has warned the country's banks on the need for greater control over their own liquidity, as well as on its risks. In this regard, Goldman Sachs analysts downgraded China's GDP growth forecast for 2013 from 7.8% to 7.4%, citing weaker macro-economic indicators and the tightening of financial conditions.

Recall that this week will hold a series of speeches by the Fed. Performances by the Federal Reserve Bank of Atlanta President Dennis Lockhart, president of the Federal Reserve Bank of Richmond, Jeffrey Lacker, president of the Cleveland Fed President Sandra Pianalto and San Francisco Fed John Williams.

Value of the pound was higher against the U.S. dollar, which has been associated with the speeches of the representatives of the Bank of England, as well as the publication of the data.

Note that the report of the British Bankers' Association showed that the number of approved applications for mortgage loans increased significantly in May, thereby exceeded the forecasts of most experts, since the scheme lending contributed to the entry of those first decided to buy a home.

According to a report on the results of May, the number of approved applications for mortgage loans aimed at buying a home has increased to the level of 36,102, compared with 32,952 in the previous month. It is worth noting that according to the average forecasts of experts the value of this index would grow to the level of 33100.

In addition, it was reported that the total number of mortgage approvals rose in May to the level of 65,752, compared with 61,262 a month ago.

In the British Bankers Association also reported that the increase in the number of permits for house purchase continued its upward trend, which is celebrated from the beginning of this year. Meanwhile, it was noted that the assistance from the scheme of mortgage lending is expected to continue to attract more and more new buyers into the housing market.

EUR / USD: during the European session, the pair fell from $ 1.3151 to $ 1.3110

GBP / USD: during the European session, the pair is trading in the range of $ 1.5423-$ 1.5472

USD / JPY: during the European session, the pair fell to Y96.93

At 12:30 GMT the United States will announce a change in orders for durable goods in May. At 13:00 GMT the U.S. will release the index of home prices in 20 major cities S & P / Case-Shiller in April, as well as a national composite house price index S & P / CaseShiller for April. At 14:00 GMT the United States will present an indicator of consumer confidence in June, and will announce the amount of sales in the primary market in May.

25.06.2013 12:00


Market Focus

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  • 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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