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02.08.2013 18:21

American focus: the U.S. dollar exchange rate fell substantially against the euro

Euro exchange rate rose significantly against the U.S. dollar, which has been associated with the publication of the U.S. jobs report. It is learned that U.S. employers added jobs at a slower pace in July, offering a more stable, but not spectacular economic growth in the summer. Employment in the U.S. increased by 162,000 last month, the Labor Department said. The unemployment rate fell two-tenths of a percentage point to 7.4%, its lowest level since December 2008. Economists had expected an increase of 180,000, while the unemployment rate to 7.5%.

The last image in the labor market shows that slow economic growth may put pressure on the employers. Raising taxes, reducing government spending and slower growth abroad, holding back the economy for several months, although the pace of hiring to be strong this year.

The Labor Department revised down job totals for the previous two months to 26,000 in total. Over the past 12 months, the economy added an average of 189,000 jobs per month, enough to slow down the unemployment rate from 8.2% level in July 2012.

Economic growth in the last year has been anemic, prompting the Federal Reserve on Wednesday to leave the place of his $ 85 billion per month bond-buying program. The economy grew by 1.4% year on year in the first half of the year.

Note that the central bank is monitoring developments in the labor market, to take the next step to buy bonds, which are designed to keep interest rates and stimulating investment and employment. If companies continue to hire and unemployment falls, the Fed may begin to curtail the program this year.

The British pound rose against the dollar after strong data on construction PMI. Activity in the construction sector in the UK in July jumped to its highest level in more than three years amid a sharp revival of activity in the housing. This was yet another confirmation that the nascent economic recovery will continue. According to Markit and the Chartered Institute of Purchasing & Supply, Purchasing Managers Index (PMI) for the construction sector in the UK in July rose to 57.0, its highest level since June 2010, against 51.0 in June. As shown by PMI for the construction sector, the volume of new orders rose at the fastest pace in more than a year, and employment growth was the strongest since December 2011.

In addition, another report showed that UK house prices in July rose to a five-year high - it was the tenth consecutive increase due to government intervention, which increased demand and fears of the emergence of another bubble in the housing market, according to Nationwide. The housing price index rose by 0.8% m / m and 3.9% y / y The last time prices rose faster in July 2010 by 6.6%. Economists had forecast a growth rate of 0.4% m / m and 3.1% y / y In June, prices rose by 0.3% m / m and 1.9% y / y This means that the average price of an apartment house in the UK was £ 170,825 in July - with up to June 2008, when it was 172,415 lbs.

The Australian dollar fell to a three-year low on expectations that next week, with the Reserve Bank of Australia may lower the level of the discount rate. Earlier, the head of the RBA Governor Glenn Stevens found insufficient depreciation of the Australian dollar by 12% over the past three months, so it is advised of the possibility of further interest rate cuts. In this regard, investors see a 95% chance that the RBA will cut interest rates by a quarter percentage point to 2.5% at the meeting, which will take place on August 6.

02.08.2013 17:20

European stock close

Market Focus

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  • 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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