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20.11.2013 18:59

American focus : the dollar rose significantly against the euro

The euro exchange rate has fallen against the U.S. dollar, which has been associated with the resumption of speculation about the negative ECB . The market continues to speculation that the ECB is considering introducing negative interest rates on deposits. It is expected that this measure provides for the reduction of deposit rates from 0% to -0.1 %, which is to force commercial banks to actively lend to companies and households , as the matter remains ill for the region. Speculation intensified in connection with conducting a mid-week meeting of the ECB in Frankfurt.

Earlier this month, the ECB M. Draghi said that the bank is ready for the new measures , if required by the economic outlook . The ECB has lowered this month refinancing rate by 25 basis points to a record low of 0.25 % in a deflationary pressures and rising unemployment .

Inflation figures for October, significantly fell short of expectations , reaching only 0.7 %. Meanwhile, the region's economy grew last quarter by only 0.1 % , while the unemployment rate was 12.2 %.

The dollar also had statements from the President Federal Reserve Bank of New York , William Dudley , who said that despite the severe fiscal difficulties this year , the U.S. economy was able to continue the recovery and looks set to grow at a faster pace.

"The fact that the U.S. economy has continued to grow, and GDP growth was about 2% in 2013, despite the relatively strong fiscal brake , argues that the private sector of the economy as a whole finished restoring , and now his level of activity will increase," - Dudley said .

He pointed to the labor market report for October, which witnessed the growth of jobs and overall economic growth , which according to the first estimate , in the 3rd quarter was 2.8 %.

Note that the important words of the president have also been Fed -Saint- Louis , James Bullard , who said that the folding of the central bank's program of quantitative easing " to be discussed " at the meeting, which will take place in December , and that the next strong data on the labor market will increase the chances of early folding. In an interview on Bloomberg TV Bullard said that recent economic data " look a little better," along with the growth of GDP, but it will depend on the steadiness of the labor market.

The pound was down against the U.S. dollar, losing the all previously earned the position , due to the publication of minutes of the Fed's expectations . Note that investors will get a grasp of a lot of attention in the minutes , trying to find in them the answer to the question of whether to wait for coagulation of quantitative easing as early as this year. Although Ben Bernanke said yesterday that the low rates could persist for a long time after the purchase of the assets will be discontinued , immediate prospects for QE3 concern of market participants around the world. Bernanke also said that since the beginning of the program of bond purchases by the central bank , the labor market showed " significant improvements " and that the rate of increase in interest rates will likely remain low for an extended period of time after the completion of the purchase . The Fed chief said that "the last FOMC decision came as a surprise to some market participants , but it strengthened the authority of the Committee. The politician added that the decline in interest rates since September, is the result of future policy. Bernanke made ​​it clear that his views are similar to the opinion of the deputy chairman of the Federal Reserve Janet Yellen , which she expressed at the hearing of the Senate Banking Committee on November 14.

However, surprises from the protocol probably not worth waiting for , even in spite of the fact that the participants in the recent times seems to have forgotten all about the folding of incentive programs .

The Swiss franc declined significantly against the U.S. dollar , in response , so that the positive statistics on the United States. It is learned that retail sales rose in October on the back of sustained growth of car purchases . But the weakness in key categories suggests that consumers are cautious in their spending in anticipation of the holiday shopping season . Sales of the country's retailers rose a seasonally adjusted 0.4% compared with September , after a zero change in the previous month , the Commerce Department said on Wednesday . But with the exception of a strong automotive sector , sales increased by only 0.2 %, showing a slight decrease compared to the previous month . Economists had predicted that total retail sales will grow by 0.1 %, while sales excluding autos to rise 0.2 %. Total retail sales rose by 3.9 % compared with a year ago. Excluding autos and auto parts sales rose by 2.4 % compared with a year ago.

20.11.2013 18:20

European stock close

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