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19.07.2013 18:20

American focus: the euro rebounded from lows against the dollar

The euro rose against the dollar, recovering with a minimum values ​​of the session in the absence of news in the United States. Note that a moderate impact on the bidding had data on producer prices in Germany. The Producer Price Index rose by 0.6 percent year on year in June after a 0.2 percent rise in May, the Federal Statistical Office. The growth rate in June was in line with economists' forecasts. Led the overall increase in the prices of consumer non-durable goods, which grew by 2.6 percent per year, while the price of capital goods rose by 0.8 percent. Expenditure on durable goods and energy prices were up 0.9 percent and 0.7 percent, respectively, compared to June 2012. On a monthly basis, producer prices were unchanged in June after a 0.3 percent decline the previous month. The index is forecast was reduced by 0.2 percent on a monthly basis.

We also note that the focus of the market is a 2-day summit of central bankers and finance ministers of the G-20. As the G20 draft communique published by the agency Reuters, the leaders gathered to declare their readiness to stimulate job growth through a series of structural reforms in the medium term. They stressed the need to stabilize the financial sector through the use of financial strategies, taking into account the particularities of each country.

Finance ministers and B20 have also said that they are determined to continue to progress, the changing balance of global demand, which requires a change in the balance within countries through structural reforms and exchange rate flexibility. In addition, they expressed their willingness to go to the exchange rate system more market-oriented and to refrain from devaluation, which aims to improve competitiveness. "

B20 also recalled that the Central Bank should carry out their mandates maintaining price stability and stimulate the economy. They stressed that the aggressive easing of monetary policy for an extended period may have negative effects.

The British Pound was higher against the U.S. dollar, which has been associated with the publication of a report by Britain. As it became known, in the UK public sector net borrowing excluding interventions fell to 8.5 billion pounds in June from 11.9 billion pounds a year earlier. This was reported by the Office for National Statistics. The budget deficit fell by 3.9 billion pounds of cash payments to the Fund's assets to the Government. If these transfers do not include government borrowings in June 2013 12.4 billion pounds.

In late June, the debt of the public sector, excluding the temporary effects of financial interventions was £ 1,202.8 billion, or 74.9% of GDP .. Published a report on the state of public finances in June, according to which, in June, net borrowing of the public sector, the preferred measure of the budget deficit amounted to 8.5 billion pounds against 11.9 billion pounds of debt in June of last year. However, the positive effect on the data for June has had a profit of the Bank of England in the amount of 3.9 billion pounds from operations to buy bonds.

The Canadian dollar strengthened against its U.S. counterpart, after the publication of the Canadian inflation data. The annual Canadian consumer price inflation accelerated in June to a four-month high due to higher cost of gasoline and cars. The value remains well below the 2% inflation target, without exerting any pressure on the central bank regarding the rate increase.

On a monthly measurement of consumer price index remained unchanged after the 0.2% rise in May, but compared to the previous year, the inflation rate accelerated to 1.2% from 0.7% reported Friday by Statistics Canada.

Consumer Price Index of the Bank of Canada, which excludes prices of energy and food, fell 0.2% on a monthly basis after the same growth the previous month. In annual terms, the core index rose 1.3% from 1.1%.

19.07.2013 17:20

European stock close

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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