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08.07.2013 12:20

European session: the euro exchange rate rose slightly

Data

01:30 Australia ANZ Job Advertisements (MoM) June -2.4% -1.8%

05:00 Japan Eco Watchers Survey: Current June 55.7 55.6 53.0

05:00 Japan Eco Watchers Survey: Outlook June 56.2 53.6

05:45 Switzerland Unemployment Rate June 3.2% 3.2% 3.2%

06:00 Germany Current Account May 17.6 14.8 11.2

06:00 Germany Trade Balance May 17.7 17.4 14.1

07:15 Switzerland Industrial Production (QoQ) Quarter I +1.7% +1.4% +3.0%

07:15 Switzerland Industrial Production (YoY) Quarter I -2.4% +2.0% +0.6%

08:30 Eurozone Sentix Investor Confidence July -11.6 -11.5 -12.6

09:00 Eurozone Eurogroup Meetings

10:00 Germany Industrial Production s.a. (MoM) May +2.0% -0.5% -1.0%

10:00 Germany Industrial Production (YoY) May +1.0% -0.5% -1.0%


The euro rose against the dollar rebounded slightly after a significant decline Friday, as many market participants are waiting for the speech of President of the European Central Bank Mario Draghi. Earlier, the official said that the interest rate of the European Central Bank will remain at the current low level or near for a long period of time. Statement M.Dragi withholding rates low for a long time is an innovation for the ECB and reflects - both in form and in substance - the wording used by the Federal Reserve System of the USA before moving to forecasting interest rates of its leaders.

Note also that the euro does not break even helped the weak data for the euro area and Germany.

Recall that today was presented indicator of investor confidence Sentix. According to reports, in June, the index of confidence of European investors Sentix fell to around -12.6 from -11.6 in May result.

Meanwhile, data from the Federal Ministry of Economics and Technology have shown that up to May, industrial production in Germany fell significantly more than expected, which was associated with a significant reduction in the construction and energy sectors. Apparently, the recovery of Europe's largest economy remains fragile in the face of uncertain prospects for foreign trade. According to the report, on a monthly basis in May, industrial production fell by 1%, thus showing the biggest drop since October 2012. It is worth noting that many economists had expected a drop in production was 0.5%, after rising 2% in April.

In addition, it was reported that on an annualized basis, industrial output fell by 1%, offsetting an increase of 0.9%, which was recorded in April.

The yen against the dollar holds tight, due to the lack of important publications and events. Note that in part influenced by the currency data from the Ministry of Finance of Japan, which showed that up to May, a positive current account balance has decreased in the month of May, but, nevertheless, continued to remain in positive territory for the fourth consecutive month, after fixing the deficit for three consecutive months.

According to a report on the results of May, the current account surplus decreased to the level of 540.7 billion yen, compared with a surplus of 750.0 billion yen in April. It is worth noting that according to the average forecasts of experts the value of this index was to drop to 600.0 billion yen.

In addition, it was reported that the surplus jumped in May by 58.1 percent on an annualized basis, which was also below expectations for a jump of 91.6 percent after a surge 100.8 percent in the previous month.

The Ministry of Finance also reported that the trade deficit in the month of May totaled 906.7 billion yen compared to the predictions of experts at the level of 902.1 billion yen deficit, and after a deficit of 818.8 billion yen in the previous month. We add that the volume of exports increased by 9.1 percent per year, reaching at the same level of 5.526 trillion. yen, compared with 5.568 trillion. yen in April. Meanwhile, imports grew by 9.6 per cent per annum - up to 6433 billion yen after reaching 6,387 billion a month earlier.



EUR / USD: during the European session, the pair rose to $ 1.2860


GBP / USD: during the European session, the pair rose to $ 1.4918


USD / JPY: during the European session, the pair fell to Y100.94


At 12:30 GMT Canada will report on changes in the volume of building permits issued in May, and the 14:30 GMT release indicator of expectations in the area of ​​financial institutions and the indicator of expected growth in trade for the 2nd quarter. At 22:00 GMT New Zealand will present a sentiment indicator of the business environment of the NZIER for the 2nd quarter. At 23:01 GMT Britain will publish the BRC Retail Sales Monitor for June and the balance of the price of RICS House in June.

08.07.2013 12:00

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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