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22.11.2013 13:16

European session: the euro rose

07:00 Germany GDP (QoQ) (Finally) Quarter III +0.3% +0.3% +0.3%

07:00 Germany GDP (YoY) (Finally) Quarter III +1.1% +1.1% +1.1%

09:00 Germany IFO - Business Climate November 107.4 107.9 109.3

09:00 Germany IFO - Current Assessment November 111.3 111.5 112.2

09:00 Germany IFO - Expectations November 103.6 104.0 106.3


The euro rose against the dollar after the publication of strong data on German business confidence from the institute Ifo. Business climate index rose to 109.3 in November from 107.4 in October. Economists had forecast an increase to 107.9 . The current conditions index reached 112.2 in the month , compared to 111.3 in October. The expected score was 111.5 . The expectations index rose to 106.3 from 103.7 in the previous month . It is predicted that the index would rise to 104. Company's key production areas " definitely more optimistic " , predicting growth in exports , says the Ifo.

Also today came the final data on GDP in Germany , which were in line with estimates. With adjustment for seasonality and calendar days of the gross domestic product grew by 0.3 percent in the third quarter compared with the previous quarter , matching the preliminary estimate published earlier this month. It was much weaker than the 0.7 percent growth recorded in the second quarter. Seasonally adjusted GDP grew by 0.6 percent year on year , after rising 0.5 percent in the second quarter. With the price adjusted GDP grew by 1.1 per cent per annum. The statistical office said that the positive contributions came mainly from domestic demand, in particular investment in fixed assets. At the same time, the export and import of balance pressure exerted on growth.

The yen fell to a four-month low against the dollar after the speech in the parliament , the head of the Bank of Japan Haruhiko Kuroda said he did not think the yen is "too weak." According to him , inflation in Japan will reach the target of 2% by the end of the two-year deadline set by the government for this purpose. He also said he was ready to do everything possible to limit the long-term growth rates. Recall that yesterday, the Bank of Japan , at the end of the next session , retained unchanged stance of monetary policy and assess the state of the economy.

Australian dollar continues to decline, and possibly fix the biggest weekly decline in seven years . The market fears that the country's Central Bank may impose foreign exchange intervention to weaken the currency. Yesterday, RBA Governor Glenn Stevens said that the intervention is part of a " toolbox" of the central bank , although it refrained from leveling " scale " the weakening Australian dollar in recent years, because he was not fully convinced that the effectiveness of such measures outweigh the costs.


EUR / USD: during the European session, the pair rose to $ 1.3539


GBP / USD: during the European session, the pair rose to $ 1.6217


USD / JPY: during the European session, the pair rose to Y101.28


In the second half of the day will present data on the consumer price index in Canada the U.S. in October ( in the 13:30 GMT). According to forecasts , the figure for the results of October is expected at 0.8 % , compared to 1.1 % last month .

Also attract the attention of the market performance of a member of the Federal Open Market Committee Federal Reserve George Easter ( at 13:40 GMT)


22.11.2013 13:00

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