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29.10.2013 18:40

American focus: the euro rose and stepped

The euro exchange rate has shown mixed results with respect to the U.S. dollar - highs in the comments Novotny and weak consumer confidence data , and then turned around and went down .

A member of the Governing Council of the ECB Ewald Nowotny in an interview published on Tuesday , it is unlikely that the European Central Bank to further reduce its key interest rate or the deposit rate. The central bank has no plans to take action against the strength of the euro . According to Novotny , a decrease in interest rates is unlikely because there are signs of strengthening economic recovery and the euro zone because "the interest rate cut will not help very much" to the peripheral countries have made the necessary adjustments.

However, Nowotny said the ECB " is prone to loose monetary policy , and there is good reason to stay the course , at least for some time ." He added that the tendency to soft policy is appropriate , "as long as economic growth below potential , and there is no prospect of rising inflation ." However, the authorities and the rest of the " have to put up " with the strong euro.

The results of a monthly survey of consumer confidence , which were submitted to Conference Board, showed that an indicator of consumer confidence fell sharply in October , dropping to a level with 71.2 points, compared with 80.2 in September. In addition, it was reported that an index that is designed to assess the current situation fell to 70.7 from 73.5 , while the expectations index worsened to 71.5 from 84.7 last month.

Market participants expect the announcement of the results of the two-day meeting of the Federal Reserve , which begins today . "Meetings of the Federal Reserve is in the focus of the market, and it is likely that the Committee will consider the weak U.S. economic reports as a reason not to reduce the amount of stimulus measures this year ," said Lorne Baring , managing director of Capital SA.

It should be noted that the vast majority of analysts agree that the central bank will continue the program of asset purchases , which is $ 85 billion a month after the end of the two-day meeting on Tuesday and Wednesday . In the accompanying statement , the central bank is likely to confirm the possibility of folding the program purchases until the end of the year. FOMC members do not want to write off the accounts in December . In recent days, many well-known economists have revised their expectations about the first reduction in the QE March 2014 .

The pound fell against the dollar despite a report that showed that in September it was approval of the 66,735 new home loans , up from 63,396 in August , which was the highest since February 2008 . Meanwhile, data showed that the interest rates on loans for housing construction fell in September , while total mortgage lending for the month was 15.6 billion pounds , registering the highest since October 2008 . The data obtained show an improvement in production, which stimulates the revival of the mortgage lending and housing market activity . We add that the number of mortgage approvals exceeded the forecasts of economists - they had expected growth of 66 thousand in the last month, net mortgage lending expanded to 1.03 billion pounds , consumer loans amounted to 411 million pounds , said the Bank of England.

However , the volume of consumer credit fell to £ 0.411 billion from £ 0.62 billion , and net lending - up to £ 1.4 billion These figures , and increased pressure on the pound .

29.10.2013 18:04

European stocks close

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