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14.08.2013 18:20

American focus: the pound rose sharply against the dollar

The euro exchange rate is trading weaker against the U.S. dollar, although it regained some of the lost ground earlier. Note that the drop in the value of the single currency was even out strong GDP data for the euro zone, Germany and France. As it became known, eurozone GDP in the 2nd quarter, up 0.3% compared with the previous quarter. Compared to the same period last year, GDP Monetary Union fell by 0.7%. The results were better than expected by experts who predicted the growth of the first indicator by 0.2%, and the fall of the second - by 0,8%.

According to revised data, in the 1st quarter of the euro zone economy falling relative to the fourth quarter was 0.3%, not 0.2% as previously expected.

The most significant increase in GDP was recorded in Germany and France, which are the largest in the eurozone. The German economy grew by 0.7%, while experts predicted growth of 0.6%. The French economy for the period increased by 0.5%, analysts were expecting a 0.2% rise.

Note that in the course of trade was influenced by the U.S. data, although to a lesser extent.

The Labor Department said producer prices in the U.S. unexpectedly remained unchanged in July, as rising pharmaceutical costs offset the fall in energy prices.

According to the report, the producer price index was flat in July after a 0.8% increase in June. Economists had expected the index to rise by 0.4%.

Basic producer price index, which excludes food and energy, rose 0.1% in July after rising 0.2% the previous month. According to expectations, the underlying index should have grown by 0.2%. The index of producer prices for cars in July fell by 1.1%. The index of producer prices for energy carriers in July fell by 0.2%. The index of producer prices for raw materials in July rose by 1.2%. The index of producer prices for intermediate goods in July remained unchanged.

Value of the pound has risen substantially against the dollar, which was associated with the release of data on the labor market and the publication of minutes of the Bank of England.

In July, the unemployment rate in Britain fell by 29.2 million, exceeding the median forecast of -14.3 million and were better than the result of the June -29.4 million (restated). Unemployment rate by ILO standards in the three months to June remained at around 7.8%.

As shown by the Bank of England meeting minutes from July 31-August 1, members of the MPC voted unanimously to maintain the interest rate at around 0.5%.

Meanwhile, transparent communication policy, proposed by Mark Carney, and assuming that the Central Bank will not raise rates from the current level as long as inflation in the next 18-24 months will not fall under the 2.5% mark, won the support of 8 members. Martin Weale voted against the adoption of the new policy, explaining it by the fact that the "preferred to him in the time range of the inflation forecast is shorter than what was proposed."

All members of the MPC unanimously in favor of keeping the size of the previous program of asset purchases (£ 375 billion). However, some members of the MPC noted that you may need additional stimulus, but this will depend on the first effects of the policy of transparency.

In addition, the report showed that all members of the MPC considered market expectations for a rate hike, "Central Bank forecasts inappropriate" for the British economy.

The Australian dollar rose against its U.S. counterpart, which has helped the publication of positive data on Australia.

As the results of recent studies that have been presented today Melbourne Institute and Westpac, in the current month Australian consumer sentiment index rose because the last rate cut, it seems, has led to the fact that people have become more confident in their financial opportunities that promises growth consumption in the coming months. According to a report, in the month of August consumer sentiment index rose by 3.5%, reaching a level of 105.7 in this case. In addition, it was reported that over the past 12 months, the index increased by 9.4%.

In addition, the data showed that on issues of family finances compared to last year growth in August was an impressive 13%. At the same time, it became known that the rate of Finance forecast for the next 12 months increased by 9.7%, as compared to August last year, an increase of 23%.

We also add that the index, which tracks expectations for the economy over the next 12 months also increased significantly - by 5.5%, while respondents were more careful in the forecast for the next five years.

14.08.2013 17:20

European stock close

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