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10.12.2013 19:21

American focus : the euro and the yen rose against the dollar

The euro is on a six-week high against the dollar due to the reduced likelihood of tighter monetary policy. Even if Fed officials decide to start reducing asset repurchase at a meeting in December , it will probably be a small change , in order to avoid the sale of the bond market , which could increase the long-term interest rates and to strike at the U.S. housing market .

At the same time , rising expectations create a " banking union " in the euro area in 2014 , with the possibility to close the banks are going bankrupt , support the euro. The decision to create a " banking union " can be taken before the end of the year.

At a meeting of EU finance ministers in Brussels will likely be made ​​steps towards establishing a " banking union ." It is considered as a key factor in strengthening the eurozone ahead of a possible future debt or financial crisis.

Factors are reducing the dollar falls in expectations for the reduction of "quantitative easing" this month and reduced Treasury yields , which makes the dollar less attractive asset .

The euro exchange rate fell slightly earlier against the dollar , on what influenced weak report on industrial production in France. Data from the National Bureau of Statistics Insee showed that industrial production in France unexpectedly fell in October , registering with the second monthly decline in a row, which is another sign of a weak start to the last quarter of 2013 in the euro area .

According to the report , industrial production in the second largest economy in the eurozone fell in October by 0.3 % on a monthly basis , which followed after a similar drop in September. Analysts had expected growth in October by 0.2%. Reduction in October confirms steady downtrend issue in the industrial sector . Falling for the three months to October was 0.6 % compared with the previous three-month period .

The yen rose against the U.S. dollar , which was associated with the publication of data on Japan. Despite today's pullback , the couple grows 7th consecutive week against the backdrop of risk appetite , which activates sell yen . As for the reports , orders for machinery and equipment in Japan increased by 15.4 % y / y in November , nearly doubling the October value of 8.4%.

Meanwhile, it became known that the level of consumer confidence in Japan improved in November , but less than economists had forecast .

The unadjusted consumer confidence index , which excludes households with one person was in the last month of 41.9 points, compared with 41.2 in October. Economists expected the index to rise to the level of 44 points .

Sub- index of overall confidence rose to 39.1 in November from 37.7 a month earlier. At the same time , the sub- index , which assesses the expectations regarding the growth of household income rose to 39.1 from 38.1 . We also add that consumers' willingness to buy durable goods was less positive in November - the corresponding indicator fell to 42.4 from 42.9 in October. Employment sub-index rose to 47.1 from 46.1 .

Pound traded mixed against the dollar , which is primarily due to the release of data on Britain. The Office for National Statistics reported that industrial production in the UK rose in October , while the figures for international trade continued to disappoint , highlighting the challenges facing policy-makers who are eager to see the rebalancing of the UK economy on the export of consumer spending.

The report showed that production in the manufacturing sector rose by 0.4 % between September and October , which helped increase the total volume of industrial production by 0.4%. I also add that the production in the manufacturing sector turned in October by 2.7 % higher than the same period a year earlier , which allowed to fix the largest annual growth rate since May 2011.

Led growth activity was the production of cars, airplanes and other vehicles , which in October reached its highest level since the beginning of research in 1968 , said the Office for National Statistics .

But the rise in industrial production in October was not reflected in the UK trade figures . Although the UK deficit in trade in goods with the rest of the world fell in October to 9.7 billion pounds, he was bigger than analysts had expected - at 9.2 billion pounds .

In addition , we add that the deficit in trade in goods for September was revised up to 10.1 billion pounds from 9.8 billion pounds . We also learned that the UK deficit in trade in goods with the European Union set a new record in October - at 6.5 billion pounds .

10.12.2013 18:20

European stocks close

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