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03.01.2014 19:30

American focus : the euro fell against the U.S. dollar

The dollar has increased markedly against the euro , reaching with the highest value for the month. In the absence of key U.S. reports the focus of investors were speeches by Fed officials at a conference in Philadelphia , including Lacker and Plosser .

" The U.S. Federal Reserve is facing serious challenges when it comes to folding the current program of" cheap money " eventually . Perhaps she will have to raise short-term rates faster than many expect , " warned the president of the Federal Reserve Bank of Philadelphia Charles Plosser .

Although Plosser said that the central bank is on the verge of a rate hike from the current very low levels , he pointed out that the Fed sees a wide range of sources of uncertainty as to what the outcome of this process . Plosser has long been skeptical about the Fed's ongoing program of bond purchases , and it worried how long short-term interest rates are at very low levels .

Regarding Lacker speech , he noted that the Fed's decision to start rolling incentive was true . Moreover , he added that the Fed should monitor inflation now . Note that Lacker expects inflation to the target level of the Fed , is 2 %

He also said that further minimize the incentive should be on the agenda at the next Fed meeting . According to him , the growth of the U.S. economy in 2014 will be at the level of 2%.

Of particular interest will be Bernanke , who will leave his post on January 31 , giving him Janet Yellen . Before the publication of the last meeting next week the markets will wait hints at the future of folding . Recall that at the December meeting of the Central Bank minimized program to $ 10 billion to $ 75 billion , as reasons for calling the economic growth forecast. It is expected that further Fed QE again reduce by 10 billion U.S. dollars , completing it by December 2014 .

Pound was down against the U.S. dollar , which was associated with the release of UK data , which showed that activity in the UK construction sector has increased the eighth consecutive month in December , the pace close to a six-year highs due to the emergence of new companies and the growth of confidence in late 2013 .

The continuing increase in construction work in all three sectors : residential , commercial and civil engineering , followed by growth in the manufacturing sector , suggesting that the British economy ended the year on the rise.

PMI was 62.1 in December from 62.6 in November. A reading above 50 indicates growth in activity , while below shows the reduction of activity in the sector . Balance is calculated by subtracting the number of respondents who reported falling activity, the number of those who celebrate the increase . Commercial construction is growing at the fastest pace since August 2007 .

The Swiss franc fell against the U.S. dollar reacted so weak Swiss data . It is learned that manufacturing activity in Switzerland in December remained in positive territory , but at a lower level . This indicates a slowing business in this country. These data were presented with Credit Suisse.

Purchasing Managers Index (PMI) in Switzerland in December fell to 53.9 points from 56.5 points in November . This figure is the lowest since June, when the index stood at 51.9 . Nevertheless , despite the recession , PMI remains above the threshold of 50 points the ninth consecutive month , indicating growth. The index remained above the threshold of 50 points within 11 months of 2013, indicating a recovery in Switzerland , partly due to the lower limit of 1.20 francs per euro set by the Swiss National Bank , which eased the pressure on exporters , limiting force franc. Switzerland also supported the partial recovery in the euro area , which is the largest export partner of this country.

03.01.2014 18:20

European stock close

Market Focus

  • U.S. commercial crude oil inventories decreased by 2.5 million barrels from the previous week
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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