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07.11.2013 19:00

American focus : the dollar against the euro has increased markedly

The euro exchange rate against the dollar has declined markedly , although half of the previously recovered lost ground as market participants' attention shifted to tomorrow's employment report in the U.S.. Experts expect the number of people employed in non c / agricultural sector grew in October at 126 thousand , compared with an increase of 148 million in September .

It should be noted that today, the pressure on the European currency had the ECB's decision to lower its key policy rates to a new record low , and the lending rate , as some analysts predicted after last week's euro zone inflation data came out much worse than expected. The Governing Council of the ECB lowered its main refinancing rate by 25 basis points up to 0.25 %. The bank also lowered the rate of lending by 25 basis points to 0.75 %, while the deposit rate remained unchanged at 0.00%. ECB refrained from lowering rates in May .

Negative for the euro was also a report on the United States, which showed that the gross domestic product , the broadest measure of goods and services produced in all sectors of the economy, grew at an annual rate of 2.8 % in the third quarter. The result showed the highest growth rate for the year , which followed a 2.5 % rise in the second quarter. Economists had expected growth in the third quarter will be at 1.9 %. The report reflects a good picture of the state of the economy before the 16 -day partial government shutdown , which began Oct. 1. The higher growth housekeeper largely attributable to restocking by companies and the rise in the cost of state and local governments.

The report showed that inflation in general has increased , but the basic prices remain weak. The price index for personal consumption expenditures - an indicator that the Fed is used as a benchmark of inflation - rose by 1.9 %. The rate of core inflation , which excludes volatile food prices and energy prices, rose 1.4 %. This indicates that the core inflation rate remains below the annual forecast of the inflation the Fed at 2% .

The yen declined significantly against the dollar, losing points scored in response to the publication of the U.S. GDP . We add that the pair slid to new lows against the fading of euphoria and reduction of U.S. stocks .

Experts also point out that when a couple has broken this morning , investors rushed to buy it , even though many have placed stop orders at Y99. These stop orders were triggered when the pair fell back to the level of Y99, causing large dollar sales and pitting the pair to Y98.50. There were "large dollar purchases at lower " and it means that the pair is likely to remain below Y99 not for long.

07.11.2013 18:20

European stock close

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