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23.10.2013 18:21

American focus : the euro strengthened against the dollar

The euro rose against the dollar, while restoring previously lost ground, which has helped to publish a report on consumer confidence .

The European Commission said that the level of consumer confidence in the euro area increased further in October , reaching with its highest level in 27 months, which is likely to indicate continued increase in consumer spending , albeit slow pace. According to the report , a preliminary index of consumer confidence in the euro zone rose this month to the level of 14.5 , compared with 14.9 in September. Note that the latter reading is fully confirmed the average forecasts of experts. In addition , we add that the October result was the strongest since July 2011 , when the value of this indicator was -11 . Also note that the index rose for the eleventh consecutive month. However , the level of confidence remains below the average at around 13.3 since 1990 , reflecting the continuing high level of unemployment and low wage growth .

Meanwhile, data showed that the level of sentiment in the EU has remained unchanged during October - the corresponding index was 11.7 points. In September, the figure has exceeded its long-term average at 12.3 , the first time since June 2011. Introduced today, the report shows that spending growth may continue in the third quarter, after retail sales rose in July and August.

The pound recovered slightly against the dollar, but despite this, it is still trading at a substantial reduction . Note that the pressure on the British currency has had a publication of the minutes of the last meeting of the Bank of England. Minutes showed that in early October Monetary Policy Committee of the Bank of England voted 9 - "for" 0 - "against" keep interest rates and the asset purchase program unchanged.

The interest rate remained at a record low of 0.5 % , while the quantitative easing program totaled 375 billion pounds ( 607.99 billion dollars).

MPC said that he would consider raising the key interest rate at least until the unemployment rate drops to 7 percent from 7.7 percent. While the politicians predict that it will not happen before 2016 , but they noted this month that the improvement in the labor market showed that the economy is gaining momentum faster than expected in August. Investors are betting on a quick rise in interest rates.

All committee members agreed that neither inflation nor financial stability is not affected. "None of the members of the MPC did not consider it necessary to tighten monetary policy at this stage ," - said in a report.

This year, the UK 's economic recovery is gaining momentum , and the International Monetary Fund this month raised its growth forecast for the country.

The yen continues to trade near two-week high against the dollar, which has been associated with the release of data on China. It is learned that China's major banks have tripled the number of bad loans written off in the first half of the year , cleaning up their balance sheets before the new wave of possible defaults .

In the first six months of the Industrial and Commercial Bank of China, and its four largest competitors have written off the debt in the amount of 22.1 billion yuan (3.65 billion dollars), which can not be recovered , compared with 7.65 billion yuan a year earlier , the report showed . In the first -half profit rose to a record 76 billion dollars.

Writing off the worst of the bad debts can allow banks to mitigate the ratio of non-performing loans of increasing defaults in the second largest economy in the world. Since 2010 , China has loosened the rules debt relief to small businesses . Politicians call for lenders to increase the capital stock after an unprecedented credit boom that began in 2009 .

The Canadian dollar declined significantly against its U.S. counterpart , which was associated with the application of the Bank of Canada. As expected , the Bank of Canada decided to keep interest rates unchanged at 1% at the October meeting of the Monetary Policy .

In a statement issued after the decision was announced , the Bank of Canada said it expects modest growth in 2013 , but held that the uncertain economic conditions may have a negative impact on exports and business investment in Canada .

According to Central Bank estimates , the growth rate of real GDP should accelerate from 1.6 % in 2013 to 2.3 % in 2014 and 2.6 % in 2015 . The Bank expects that " around the end of 2015 the real economy will gradually return to full use of the productive capacity ."

Although the Central Bank has expressed concern and the current situation , it is still noted that " inflation is stable is below the average target value , which means that the downside risk of inflation becoming ever more important ."

23.10.2013 17:20

European stock close

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