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29.07.2013 18:20

American focus: the U.S. currency rose moderately against the euro

The euro fell against the U.S. dollar with the absence of economic data for the euro area. Note that many investors are waiting for the next meeting of the representatives of the European Central Bank, which will be held in Frankfurt on August 1. We add that the markets do not expect major statements by the central bank, except, perhaps, the indication, the ECB will keep rates at exceptionally low levels for the future. A few weeks ago, we thought that there is a small possibility that the ECB will lower its bid. However, recent data on economic activity in the euro area and Germany were better than expected. According to this, the ECB may argue that it will keep interest rates unless you need help. Thus, do not expect much from the ECB's interest rate or other, more unorthodox measures.

On the dynamics of trade also influence the expectations of the accompanying publication of the Committee's statement on the Federal Open Market. Markets expect the Fed hints at reducing the amount of time buying bonds from the current $ 85 billion a month.

It is worth noting that a small influence on the bidding had U.S. data. The National Association of Realtors (NAR) reported that by the end of last month the number of potential buyers who signed contracts to buy in the secondary market decreased slightly after the previous month reached its highest level in more than six years.

According to the report, the seasonally adjusted index of pending home sales in the secondary market fell in June to a level of 110.9, which is 0.4% lower compared to the previous month, and by 10.9% more than during the same period a year earlier. It is worth noting that according to the average forecasts of experts, the index was down by 1.1%, compared with growth of 5.8% in the previous month, which was revised from 6.7% growth.

The British Pound was lower against the U.S. dollar, which has been associated with the publication of a report by Britain. As it became known, in the UK, the number of mortgage approvals fell in June, despite the measures taken by the government and the central bank to facilitate credit conditions, the Bank of England data showed on Monday.

The number of loans for house purchase unexpectedly fell to 57,667 in June from 58,071 in May. According to forecasts expected to rise to 59,700 in June.

Loans secured on real estate (net mortgage lending) rose by 981 million pounds, higher than the 466 million that were a month ago. At the same time, consumer loans grew at a slower rate up to 489 million pounds compared to 781 million pounds in May.

Separately, the central bank said that the M4 money supply grew by only 0.1% in June compared with the previous month, when it remained unchanged. In annual terms M4 rebounded in June, rising by 1.5% after falling 0.1% in May.

In addition, data from the Confederation of British Industry showed that the rate of sales in July rose to 17 against the previous result 1. Analysts expect strong growth to less than 11.

The yen rose against most of its major counterparts amid falling stock market in Asia and fears of a slowdown in the world's largest economy. Additional support to the Japanese currency had a performance today Governor of the Bank of Japan Haruhiko Kuroda, who noted that the mitigation of monetary policy, which the central bank announced in April, the positive impact on the financial markets, the economy and inflation expectations. However, he warned that the Bank of Japan is still some way to go to achieve its inflation target of 2%. "Not all of these favorable changes are due to the softening of monetary policy in April, but the central bank is certainly an important factor," - Kuroda said at a press conference. In April, the Bank of Japan has taken unprecedented measures easing of monetary policy, which helped underlying index of consumer prices rise for the first time in 14 months.

29.07.2013 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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