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04.07.2013 12:16

European session: British pound fell sharply

Data

00:30 Japan BOJ Governor Haruhiko Kuroda Speaks

01:30 Australia Building Permits, m/m May +9.5% -0.9% -1.1%

01:30 Australia Building Permits, y/y May +28.8% -0.1% -3.2%

07:00 United Kingdom Halifax house price index June +0.5% +0.4% +0.6%

07:00 United Kingdom Halifax house price index 3m Y/Y June +2.6% +3.6% +3.7%

09:00 Eurozone GDP (QoQ) (Finally) Quarter I -0.2% -0.2% -0.3%

09:00 Eurozone GDP (YoY) (Finally) Quarter I -1.1% -1.1% -1.7%

11:00 United Kingdom Asset Purchase Facility 375 375 375

11:00 United Kingdom BoE Interest Rate Decision 0.50% 0.50% 0.50%

11:00 United Kingdom MPC Rate Statement

11:45 Eurozone ECB Interest Rate Decision 0.50% 0.50% 0.50%


Euro fell against the dollar, despite the early growth, after the Governing Council of the ECB decided to leave key interest rates unchanged, in line with the forecast. The ECB announced that the interest rate on the main refinancing operations, the rate of credit and deposit rate will remain unchanged at 0.50%, 1.00% and 0.00%, respectively.

Now the market's attention has shifted to the speech of the Bank, Mario Draghi, who will comment on the grounds of the decision at a press conference scheduled for 12.30 GMT.

Add that little support for the euro has had a voltage drop in Portugal, as the coalition government has made every effort to survive. According to analysts, it is important that the other two parties minister CDS, whose leader, Foreign Minister Portas yesterday resigned to remain in the government, thus maintaining the coalition. Thus, the risk of disorderly elections declined, but recent events have obviously weakened the Portuguese government.

Do not have a material impact on the bidding Eurostat data on GDP of the eurozone, according to which in the 1st quarter of 2013 euro area GDP seasonally adjusted reflected a decline of 0.3% q / q vs. 0.2% q / q in Q4 2012.

Pound declined significantly against the U.S. dollar, losing more than 180 points against the decision of the Bank of England. The first meeting of Mark Carney as chairman of the Monetary Policy Committee of the Bank of England completed an unusual warning that the high expectations among investors tightening does not guarantee economic development. The meeting ended without any change in the policy of the central bank amid signs that the recovery in the UK economy is gaining momentum.

The Bank of England interest rate remaining at 0.5% and the size of its bond purchase program was maintained at 375 billion pounds after a two-day meeting. The benchmark rate has been at 0.5% since March 2009. Committee has approved a new round of bond buying, also known as quantitative easing, a year ago.

In the retreat of its usual practice, when the policy has remained unchanged, the Bank of England issued a statement in which he said that the recovery is under way, and that he expects the annual inflation rate 2.0% in the future.

Monetary Committee also said that it can raise its key interest rate sooner than investors expected. "The implied rate of the Bank of England is not justified in view of recent developments in the domestic economy," - said the Monetary Committee. Minutes of the meeting will be released on July 17.

Recall that Carney on Monday became the first foreigner to head the Bank of England in its entire 319-year history. His arrival coincided with a series of economic reports and business research, which made it clear that the recovery is in the UK, at least for now.


EUR / USD: during the European session, the pair rose to $ 1.3016, and then fell to $ 1.2982

GBP / USD: during the European session, the pair had fallen to $ 1.5073

USD / JPY: during the European session, the pair is trading in the range of Y99.46-Y99.90


At 12:30 GMT will begin monthly press conference of the ECB.

U.S. celebrates Independence Day.


04.07.2013 12:00

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