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28.11.2013 13:18

European session: the euro rose

06:45 Switzerland Gross Domestic Product (QoQ) Quarter III +0.5% +0.5% +0.5%

06:45 Switzerland Gross Domestic Product (YoY) Quarter III +2.5% +1.8% +1.9%

08:55 Germany Unemployment Change November 2 0 10

08:55 Germany Unemployment Rate s.a. November 6.9% 6.9% 6.9%

09:00 Eurozone M3 money supply, adjusted y/y October +2.1% +1.8% +1.4%

10:30 United Kingdom BOE Gov Mark Carney Speaks

10:30 United Kingdom BOE Financial Stability Report November

13:00 Germany CPI, m/m (Preliminary) November -0.2% +0.1% +0.2%

13:00 Germany CPI, y/y (Preliminary) November +1.2% +1.2% +1.3%


The euro rose against the dollar after data indicated the acceleration of inflation in Spain and Germany.

Preliminary data showed that the inflation rate in Spain rose slightly in November after October remained unchanged. This suggests that the data that will be published on Friday, may indicate that the inflation rate in the euro area as a whole in November accelerated after anemic dynamics in October.

Data on the consumer price index in Germany showed a similar trend. In November a preliminary CPI German CPI rose by 1.3 % y / y and 0.2 % m / m , exceeding the forecast of 1.2% and 0.1 %, respectively

Inflation data are more important for investors after the October report prompted the European Central Bank to lower the benchmark interest rate .

The euro kept data on the labor market in Germany. The seasonally adjusted number of unemployed in November rose by 10,000 people. Nevertheless , despite such a sudden and sharp increase in the unemployment rate ( seasonally adjusted ) remained at the same level - 6.9% , which is close to record lows . Many economists predicted that the number of unemployed remains unchanged in November , after rising by 3 thousand people in October.

It should be noted that labor market prospects also clouded the prospect of a new German government to introduce a national minimum wage and to tighten rules on the labor market . Many economists warn that it could lead to a loss of jobs , particularly among small businesses .

Meanwhile, data showed that compared to November last year, the number of unemployed increased by 55,000 people .

The British pound rose against the dollar after the publication of the Bank of England report on financial stability. The Bank of England announced its intention to curtail the incentive program in the field of mortgage lending due to the fact that the UK property market is gaining momentum of growth. Instead chose to focus on the CB scheme to support small businesses .

The U.S. dollar reached its highest level in six months against the yen , as the prospects of monetary policy of the USA and Japan are slightly different , and the positive dynamics of the global stock markets hurts safe-haven currencies such as the yen .


EUR / USD: during the European session, the pair rose to $ 1.3618


GBP / USD: during the European session, the pair rose to $ 1.6352

USD / JPY: during the European session, the pair rose to Y102.37


At 13:30 GMT , Canada will report on the current account balance of the balance of payments for the 3rd quarter , and will release the index of commodity prices in October. At 21:45 GMT New Zealand announce the change in the volume of building permits issued in October. At 23:30 GMT , Japan will release data on changes in the volume of expenditure of households , the consumer price index , and the volume of industrial production in October.

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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