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26.09.2013 18:20

American focus : the British pound fell sharply against the dollar significantly

The U.S. dollar has appreciated strongly against the euro, which was associated with increased political uncertainty in Italy, as well as the release of important U.S. data .

It should be noted that after it was reported that the Italian President Napolitano canceled his participation in the conference against the " political instability," the Italian news agency ANSA explained that this is due to the threats of Berlusconi's party quit the coalition if deprived of their leader in the Senate because of allegations of tax fraud . We add that such a mass resignation would be a disaster for the government Letta , which is now trying to cope with the problem of the budget deficit and national debt.

The President Napolitano issued a statement condemning the position of the members of Forza Italia, calling it " institutionally destructive ." He urged parliamentarians to find other ways to express support for the leader, " without calling a threat to the normal functioning of the two Houses of Parliament ."

Add that to the course of trade is also affected by U.S. data that showed that the gross domestic product , the broadest measure of all goods and services produced in the economy, rose by a seasonally adjusted 2.5 % in the second quarter , in line with the preliminary value voiced last month. Economists forecast that the revised second quarter growth rate of 2.7%.

Meanwhile, another report , which was submitted to the Department of Labor showed that the number of Americans applying for first time unemployment benefits remained near six-year low last week , indicating that the improvement in the employment situation , although in recent years the data have been distorted violations in the financial statements . Initial jobless claims , the rate of layoffs, fell by a seasonally adjusted 5,000 to 305,000 in the week ended Sept. 21. Value was lower than the forecast of economists in 319,000 new claims . The Ministry of Labour has revised slightly upwards the number of complaints in the previous week to 310,000 from 309,000 .

The yen fell against all major currencies after the news agency Kyodo News reported that the Japanese government is planning to commit to "immediately" begin a study on the effectiveness of corporate tax rates . The head of the investment department of the Government Pension Investment Fund of Japan (GRIF), which manages 121 trillion yen ($ 1.23 trillion ), Takatoshi Ito said that the beginning of the Olympics -2020 Japan should raise the sales tax to a level of at least 20 % in order to prevent a " catastrophe " on its bond market. "The current rate - of 5% VAT - the fifth part of the same tax established in northern countries such as Sweden, to prevent the growth rates on the public debt , which is two times the GDP of the country ," - said Takatoshi Ito.

Meanwhile , we note that in the course of trade affected by the Prime Minister of Japan, Shinzo Abe , in which he called Wall Street traders to invest in Japan , promising that the country's economy will be the driving force of the global economic recovery .

"Now the Japanese economy is feeling exceptionally well " - said Abe , urging traders " buy into Abenomics».

In separate comments Abe responded to criticism over plans to tighten the country's defense . " We have a neighbor whose military spending is at least twice as much as in Japan," - he said , referring to the territorial dispute with China.

The British pound fell against the dollar after the final data showed that the UK economy expanded by 0.7 percent in the second quarter compared with the previous quarter , in line with estimates. However, the first quarter growth was revised slightly upward to 0.4 percent from 0.3 percent.

In addition , the Office of Statistics said gross domestic product expanded by 1.3 percent in the second quarter compared to last year. The annual figure was revised down from the previously estimated growth of 1.5 percent .

Another report showed that household spending rose 0.3 percent in the second quarter, but were still 2.8 percent below the peak consumption achieved in the fourth quarter of 2007.

In a separate review, the Office for National Statistics reported that the current account deficit narrowed to 13 billion pounds in the second quarter, compared with a revised deficit of 21.8 billion pounds in the first quarter.

26.09.2013 17:20

European stock close

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