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18.10.2013 12:16

European session: the euro continued its rise against the dollar yesterday


01:00 Australia RBA's Governor Glenn Stevens Speech

02:00 China Retail Sales y/y September +13.4% +13.6% +13.3%

02:00 China Industrial Production y/y September +10.4% +10.1% +10.2%

02:00 China Fixed Asset Investment September +20.3% +20.4% +20.2%

02:00 China GDP y/y Quarter III +7.5% +7.8% +7.8%

06:35 Japan BOJ Governor Haruhiko Kuroda Speaks

The euro exchange rate is trading with a noticeable increase against the U.S. dollar , although it has lost some of the previously captured positions .

Today bearish pressure on the dollar strengthened across the board , throwing the euro and other high-risk assets to new heights. Macroeconomic calendar and the U.S., and Europe is now empty, that leaves a couple of players at the mercy of sentiment and risk appetite (which is increasing, making it possible to update highs in 2013 ) .

We also add that , in spite of a slight correction couple keeps fighting spirit against the fading interest of players to the U.S. in the light of the downgrade of the U.S. Chinese agency after reaching an agreement on the budget.

It is worth noting that today's statements by the Fed will cause market participants to catch every hint of further potential Fed actions in anticipation of the large block of macro-economic statistics for the U.S. , which will take place next week. In general, the market expects that the statistics will be released not too positive , in connection with what remains a strong possibility of further extension of the program QE3, which has an adverse effect on the U.S. currency .

The Australian dollar rose significantly against its U.S. counterpart , which has helped to publish data on China .

Data from the National Bureau of Statistics showed that China's economic growth accelerated in the third quarter, which was recorded for the first time in three quarters . Note that this improvement was supported by the efforts of politicians to restructure the economy to achieve sustainable growth in the long term.

According to the report , in the last quarter of the gross domestic product grew by 7.8 percent year on year , which was in line with the expectations of experts. We add that the last increase was faster than the increase of 7.5 percent in the second quarter and by 7.7 in the first quarter.

Another set of data from the Statistical Office showed that industrial production in China rose in September by 10.2 percent year on year, which was followed after an increase of 10.4 percent in August. The result , however , slightly exceeded the forecasts of experts at the level of 10.1 percent.

Also today, it was reported that retail sales in the country increased by 13.3 percent in September from a year earlier, it was a bit weaker than expected - at the level of 13.5 percent. We also recall that in August of this indicator increased by 13.4 percent.

Meanwhile, data showed that investment in fixed assets of the country grew by 20.2 percent in the first nine months of this year compared with the same period last year. It was only slightly below the forecast of economists - at the level of 20.4 percent.

EUR / USD: during the European session, the pair rose to $ 1.3705 , but then fell to $ 1.3674

GBP / USD: during the European session, the pair rose to $ 1.6225 , and then decreased slightly

USD / JPY: during the European session, the pair fell to Y97.55, but later was able to go back to Y97.72

At 12:30 GMT Canada will release the consumer price index for September.

18.10.2013 12:00


Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • 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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