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15.10.2013 18:20

American focus: the euro weakened and consolidated

The euro depreciated markedly against the U.S. dollar, which has been associated with the release of ambiguous data from the institute ZEW, as well as optimism about budget issues .

As shown by the results of recent studies that have been submitted to the Centre for European Economic Research ZEW, the level of German economic sentiment rose significantly in October , reaching with its highest level in more than three years.

According to the report , the October index of sentiment in the business environment has increased to the level of 52.8 points, compared with 49.6 in September. Note that the last value of this index was the highest since April 2010 . Many economists had forecast the index to rise slightly , and reach a level of 59.4 . For comparison, we add that historically the average value of the index is 23.9 points.

Meanwhile, it was reported that the index , which reflects the view of the current economic situation in Germany, fell in October to the level of 29.7, compared with 30.6 in September. It is predicted the figure would rise to the level of 31.3 points.

Meanwhile, data released today also showed that the index of business sentiment in the euro area increased ">The pound had previously received a temporary boost from data on inflation in Britain, which came out more than expected , thereby reducing the likelihood that the Bank of England will expand QE program from the current level of GBP375 billion

As shown by the latest report , which was submitted to the Office for National Statistics , at the end of last month , consumer price inflation in the UK has remained unchanged - at 2.7 percent. Note that inflation continues to remain above the target level of the central bank - at around 2 percent. Economists forecast that the annual inflation rate to fall to 2.6 per cent .

A monthly basis, consumer prices rose in September by 0.4 percent, while showing the same growth rate , which was recorded in August.

In addition, it was reported that CPIH - a new measure of inflation , which includes the cost of home owners rose by 2.5 percent compared to the previous year , remained unchanged from August .

The Office for National Statistics also reported that core inflation, which excludes prices of energy , food , alcoholic drinks and tobacco rose in September to 2.2 percent from 2 percent in August. Inflation is projected to remain at the level was 2 percent.

While this news was a supporting factor for the pound , the improvement of macroeconomic indicators in Britain in recent years suggests that additional QE measures are required. Instead, the market's attention will be focused on unemployment , as head of the Bank of England Carney made ​​it clear that the passage of the threshold of 7% will be the signal for the Central Bank to explore opportunities to increase the rate.

15.10.2013 17:20

European stocks close

Market Focus

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  • Australian unemployment rate stable at 5.6% in June
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