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03.12.2013 13:17

European session: the euro rose

09:30 United Kingdom PMI Construction November 59.4 59.3 62.6

10:00 Eurozone Producer Price Index, MoM October +0.1% -0.1% -0.5%

10:00 Eurozone Producer Price Index (YoY) October -0.9% -1.0% -1.4%

The euro rose against the dollar on expectations of the outcome of the meeting of the ECB 's monetary policy . In anticipation of this event , experts TD Securities noted: " Although the likelihood of any new action on rates or other measures of support is maintained, the chances are that it will happen this month, a little. While downside risks remain small and tactical rhetoric ECB lowering rates will remain effective deterrent tactics , but this simply leaves the fate of the eurozone at the mercy of the pulse of the world economy . "

With regard to published statistics , the report showed that the prices of industrial goods in the euro zone fell at the fastest pace in nearly four years in October , it probably can reinforce fears that the low inflation that could threaten the fragile recovery in Europe and in the world. Statistical agency of the European Union on Tuesday noted that producer prices fell 0.5 % m / m and were 1.4% lower than in October 2012. It was the largest drop in 12 - month period from December 2009 . Reduced prices for the month and the year was more than expected. Energy prices fell sharply by 3.6 %, while prices for intermediate goods recorded a decline of 1.8%. Meanwhile , the prices of capital goods and durable consumer goods rose by 0.5 % each.

Among the member states of the eurozone 's largest decrease was recorded in Cyprus, Bulgaria , the Netherlands and Croatia. The highest growth was recorded in Estonia , Ireland, Denmark and Romania. In the European Union as a whole , producer prices fell 1.1 % in October , after falling 0.6 % in September. On a monthly measurement of prices decreased by 0.6 % , after a 0.1% rise in the previous month.

The British pound rose against most major currencies after the release of the data , according to which the activity of the construction sector in the UK in November grew at the fastest pace since August 2007 . According to the company Markit and Chartered Institute of Chartered Surveyors, the Purchasing Managers Index (PMI) for the UK construction sector in November rose to 62.6 from 59.4 in October , exceeding the level of 50, delimiting the increased activity on its decline.

Components of output and employment grew the strongest pace since August 2007 . The increase in new orders was the fastest since September 2007 .

Activity in the sphere of housing construction rose at the fastest pace in a decade in November. Work on commercial construction projects increased the strongest pace since September 2007 . Activities in the field of civil construction also increased at a steady pace , but the growth rate is almost unchanged compared with October .

Markit chief economist Chris Williamson said in a note that the data " are encouraging in terms of sustainability of the recovery of the British economy . They suggest that recent developments have prompted builders to bookmark more new homes , which increased housing supply to meet the high demand. Data also indicate that / companies with greater certainty make investments in property and infrastructure facilities . "

EUR / USD: during the European session, the pair rose to $ 1.3582

GBP / USD: during the European session, the pair rose to $ 1.6436

USD / JPY: during the European session, the pair fell to Y102.53

In the United States will vote for the appointment of the Chairman of the Fed. At 21:30 GMT the United States will change in the volume of crude oil , according to the API. At 22:30 GMT , Australia will publish the index of activity in the service sector from AiG for November.

03.12.2013 13:00


Market Focus

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