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02.10.2013 12:07

European session: The yen rose against the dollar significantly


01:00 Australia HIA New Home Sales, m/m August -4.7% +3.4%

01:30 Australia Building Permits, m/m August +10.8% -0.7% -4.7%

01:30 Australia Building Permits, y/y August +28.3% +12.3% +7.7%

01:30 Australia Trade Balance August -0.77 -0.45 -0.82

08:30 United Kingdom PMI Construction September 59.1 60.1 58.9

11:00 United Kingdom MPC Member Fisher Speaks

11:45 Eurozone ECB Interest Rate Decision 0.50% 0.50%

The euro exchange rate against the dollar holds tight in anticipation of today's meeting of the European Central Bank , which will be held in Paris for the first time after the statements of the president of the Central Bank , Mario Draghi , the willingness to introduce additional cash into the banking system . We also note that in today's meeting, the ECB left the main refinancing rate unchanged at a record low of 0.5 percent.

Note that , according to experts , Mario Draghi will once again rely on the power of his voice , but will not announce a change of policy . He will try to regulate European banks in the early stages of economic recovery.

"The President of the ECB will refrain from the larger volume of the infusion of money into the financial system to the currency bloc as long as the promise of future action keeps interest rates on the market under control," - said economists from Berenberg Bank to Nomura International Plc. - "Last week, Draghi told investors that the launch of the long-term refinancing operations is possible, but other politicians at the moment deny this possibility ."

Meanwhile, we note that many market participants are awaiting today's release of statistics on the employment market in the United States . According to the median forecast of economists , the September change in the number of employees from ADP, will exceed the previous value and will make 177 thousand new jobs.

The pound rose against the dollar amid anxiety caused by negative developments in respect of the U.S. budget . Recall that has not resolved the issue with the U.S. debt limit increase . In order to avoid a default that could happen on October 17 , Republicans in the Senate and the Democrats in the White House to reach an agreement .

Note that the pound could not prevent even the weak data on the UK , which showed that up to September growth in the UK construction sector unexpectedly slowed.

According to the report, the purchasing managers' index for the construction sector fell in September to a level of 58.9 , up from 59.1 in August. Recall that the August figure was highest in six months. Add that to the experts according to the average value of the index was to rise to the level of 60.1 . However , despite the decline , the index remains above the 50 mark for the fifth consecutive month , signaling a dramatic expansion of the total production in the construction sector.

Meanwhile , the data showed that all three of the construction sector recorded a higher level of activity in September. Residential construction was the strongest with branches , and the last production growth was the fastest since November 2003 .

Commercial construction , meanwhile, increased by the highest rate since May 2012 , and the growth of civil construction activity fell , retreating with the August high .

The Japanese yen has increased significantly against the dollar, which was due to concerns about the U.S. budget , which continues to put pressure on market sentiment . Note that the USD / JPY pair continues to fall for the second day in a row, having lost about 150 points after peaked at Y98.72 before the U.S. announced to stop the government's work . Later , the employment report ADP, which will be published at 12:30 GMT will attract attention of investors , as the release of NFP, scheduled for Friday , has been canceled due to interruption of the administration.

EUR / USD: during the European session, the pair is trading in a narrow range

GBP / USD: during the European session, the pair rose to $ 1.6228 , and then decreased slightly

USD / JPY: during the European session, the pair fell to Y97.25, but later recovered to Y97.50

At 12:30 GMT the euro area will be the monthly press conference of the ECB . At 23:30 GMT Australia will release the index of activity in the service of the AiG in September.

02.10.2013 12:00


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