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12.12.2013 19:20

American focus: dollar strengthened

The U.S. dollar rose against major currencies on the back of strong retail sales data in the U.S.. The key to the U.S. economy holiday sales season started on a positive note : in November retail sales rose by 0.7% compared with the previous month , which is slightly higher than economists' forecasts for a rise of 0.6%. By comparing. Compared with the same period last year retail sales in November rose 4.7 %. According to experts , the published data supplemented piggy encouraging news regarding the U.S. economy, which contribute to enhanced solutions for speculation the U.S. Federal Reserve next week to start folding bond-buying program , which now consumes 85 billion U.S. dollars monthly.

At the same time , the latest data from the Department of Labor showed that the number of people who applied for the first time unemployment benefits rose sharply last week. However, experts note that the Thanksgiving Day holiday could distort the data. According to the report , the number of initial claims for unemployment insurance rose to a seasonally adjusted 68,000 in the week ended Dec. 7 , at the same level reached 368,000 . Add that it was the biggest jump in this indicator over a year . Economists forecast that the number of complaints rise to the level of 321 thousand to 298 thousand , which was originally reported last week.

Earlier pressure on the euro have data showing that industrial production in the euro area seasonally adjusted fell 1.1 percent in October, the month that followed , after falling 0.2 percent in the previous month , which was revised downward from 0, 5 percent. Economists forecast that industrial production increased by 0.3 percent . In annual terms, the volume of industrial production increased in October by 0.2 percent , which was much weaker than economists forecast - at the level of 1.1 percent. We also add that industrial output in September was revised downward to 0.2 percent, compared with the initial estimate of 1.1 per cent level .

In addition, investor attention attracted publication ECB Monthly Report and statements of the head of the ECB Draghi .

Today , in his report of the ECB reiterated that due to the prevailing downside risks , monetary policy will remain accommodative as much as needed to support the economy in the eurozone. This year, the eurozone's GDP is expected to reach 0.4% , and in 2014 and 2015 . - Around 1.1 % and +1.5 % , respectively. According to the Central Bank , the eurozone could face a long period of low inflation , followed by an acceleration to a level close to the target , namely 2%.

We also add that the ECB head Mario Draghi made ​​in the European Parliament with an explanation of the reasons behind the recent decisions of the Central Bank. Draghi said that since the beginning of the crisis in the eurozone was moving mainstream weak recovery. " Low economic activity and high unemployment led to easing of inflation . Against this backdrop, and as part of our mandate to maintain price stability , it was decided to lower the key interest rate to historically low levels , "- he said.

Draghi also said that the ECB has applied a number of non-standard measures to solve the problem of uneven distribution of the effects of lowering rates in the member countries of the eurozone.

Pound earlier rose sharply against the dollar, helped by data from the Conference Board, which showed that the leading indicator for the British economy grew in October , registering with the fourth monthly increase in a row, but in a lesser degree than in the previous month , indicating moderate economic growth in early 2014 . According to the report , the leading economic index increased in October by 0.4 percent on a monthly basis , thus reaching the level of 108.4 points. 6 of 7 components showed growth , the statement said CB.

At the same time , coincident index , which measures current economic situation , rose 0.1 percent to 105.2 points, after increasing 0.2 percent in September. During the six months to October , the leading index rose 4.4 percent, while the coincident index rose by 1.3 percent .

Swiss franc strengthened against the dollar earlier , responding thus to solve the SNB and statements of the head of SNB Jordan.

" The Swiss economy is still facing problems due to lack of growth momentum in the euro area , and the growth is likely to decline in the last quarter of this year ," said the president of the Swiss National Bank Thomas Jordan on Thursday . "The economy has developed favorably in the third quarter , but given the weak economic situation abroad , the risks continue to dominate in Switzerland " - Jordan said at a news conference .

Swiss central bank reiterated its earlier position to prevent the Swiss franc falling below 1.20 francs per euro , promising to buy foreign currency in unlimited quantities, and to take additional measures if necessary . Swiss National Bank also kept its key interest rate in the range of 0% - 0.25 % 10 - consecutive quarter that expected by most economists.

The central bank still expects the economy to grow by Switzerland 1 % to 1.5 % this year and to 2.0% by 2015. This means , Switzerland probably outpace the rest of Europe , as the region is just now coming out of the deep financial and economic crisis in decades. Projected inflation rate this year will be 0.2% , and " no risk of inflation in Switzerland is not at all ," the statement said .

12.12.2013 18:21

European stocks close

Market Focus

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  • 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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