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30.07.2013 18:00

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

The dollar rose against the euro, helped by expectations of U.S. President Barack Obama. Experts believe that in his speech, Obama may affect the discussion of lower tax rates on the income of the company (American companies are currently paying 35%).

Add that to the dynamics of trade was also influenced by data from the S & P / Case-Shiller, which showed that home prices in 10 major U.S. cities rose by 11.8% in the year ended in May. The housing price index S & P Case-Shiller 20-city U.S. in May grew by 12.2% y / y compared with 12.5% ​​growth predicted by economists.

Seasonally adjusted, the house price index S & P Case-Shiller 10 cities of the United States in May rose by 2.5 m / m, and the 20-city index rose 2.4% in May compared with April.

Prices in Dallas and Denver have exceeded their maximum values ​​recorded before the financial crisis in June 2007 and August 2006, respectively. In addition, in five cities - Atlanta, Chicago, San Diego, San Francisco and Seattle - monthly growth rates for the first time exceeded 3%.

Housing prices have increased for more than a year. Low mortgage rates and strong job growth have raised demand, while the supply of homes is relatively low.

The pound was down against the U.S. dollar in anticipation of the Bank of England's MPC meeting, as investors prefer to close long positions. On Thursday at 11:00 GMT the Bank of England will announce its decision on monetary policy. It is expected that the QE program will be in the amount of 375 million pounds, while the key interest rate will probably be left at 0.5. However, we should not exclude the probability of surprises. So, published last week, a report showed the UK economy growing by 0.6% in the second quarter, as analysts. According to experts, it undercut speculation as to what the Bank of England near the end of the current monetary policy. In case of additional evidence supporting fears pound can resume growth.

The Australian dollar fell sharply after the Governor of the Reserve Bank of Australia Governor Glenn Stevens, like, opened the way to a new lower interest rate. During his speech, which was remembered hints of policy easing, Stevens said that restrained inflation means that the RBA may, if necessary to lower the benchmark interest rate, which is already at a record low of 2.75%.

This important comment was made just a week before the August RBA meeting and he plunged the Australian dollar in sharp decline.

"Recently, we say that, given the inflation outlook, it will be possible to resort to further ease monetary policy if needed to support the demand. Recent inflation data have not changed it," - said Stevens. The rate of inflation in Australia in the 2nd quarter was 2.4%, while in the depths of the target range 2% to 3%. As if to reinforce this point of view, Stevens said that although the series of rate cuts made by the end of 2011, effectively works by helping to stimulate the economy outside the mining industry, this does not mean that the central bank will lower rates again.

"Definitely, there are signs that in this respect, our policies are working, although at the moment is not so much that we have seen a serious obstacle to the further easing of policy, if it is appropriate from a macroeconomic point of view," - he said.

30.07.2013 17:21

European stock indices rose

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • 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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