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04.02.2014 13:14

European session: the pound has risen sharply against the U.S. dollar


00:00 China Bank holiday

03:30 Australia Announcement of the RBA decision on the discount rate 2.50% 2.50% 2.50%

03:30 Australia RBA Rate Statement

09:30 United Kingdom PMI Construction January 62.1 61.6 64.6

10:00 Eurozone Producer Price Index, MoM December -0.1% +0.3% +0.2%

10:00 Eurozone Producer Price Index (YoY) December -1.2% -0.8%

The euro exchange rate has returned some of the previously lost ground against the dollar, but , despite this , still trading slightly lower . Add that on the eve of the ECB meeting among market participants caution prevails . Today, key reports are expected , and the couple may continue to consolidate in anticipation of the ECB and the U.S. employment data with no / x sector.

Little impact on the dynamics of trade had the PPI report . It is learned that producer prices rose in December , registering with the first increase in the last three months , which is slightly eased fears about the fragility of recovery in Europe. It became known from the report , which was introduced earlier EU statistical agency . According to the data, in December producer prices rose by 0.2% compared with the previous month, but , nevertheless, were 0.8% lower than in December 2012 . Recall that prices fell in October and November - by 0.5% and 0.1%, respectively.

Data released last week by Eurostat showed that consumer prices rose 0.7 % in January, compared with an increase of 0.8 % in December , reinforcing fears that a prolonged period of low inflation will be difficult for the eurozone to address its economic imbalances and reduce the large debt. Therefore, the growth of producer prices will be welcomed by politicians of the European Central Bank ,

Pound has risen considerably against the U.S. dollar , which helped the publication of positive report on Britain. Recent data from Markit / CIPS showed that activity in January in the UK construction sector has grown substantially , continuing its promotion of the territory expansion, and reaching its highest level since the financial crisis . According to the report , with the seasonally adjusted index of business activity in the construction sector grew in January to a level of 64.6 points compared to 62.1 points in December . We add that the index remains above the neutral mark of 50.0 points , which separates expansion from contraction, for the ninth consecutive month. Also, note that the latter value was the highest since August 2007. According to experts , this indicator should be reduced to the level of 61.6 points.

Australian dollar rose almost two figures against the U.S. dollar , which was associated with the decision of the RBA rates. Reserve Bank of Australia today decided to keep its benchmark interest rate at a record low - 2.5 percent , and noted that a period of stability in interest rates may be "the most sensible course " at the moment.

Monetary policy bank " appropriately configured to ensure sustainable growth in demand and inflation in accordance with the purpose ," said the head of Glenn Stevens said in a statement today. " Based on current evidence, the most prudent course would be a period of stability in interest rates ," he added .

The Board of Directors expects that inflation will be slightly higher than stated in the forecasts three months ago , but will be in line with the target of 2-3 percent over the next two years. Higher inflation , currency devaluation and rising house prices may be causing the Reserve Bank decision to refrain from further easing of monetary policy . Recall that the RBA will cut interest rates by 225 basis points since November 2011 to help the economy to support demand in areas outside the resources sector , taking into account the damping mining boom .

EUR / USD: during the European session, the pair rose to $ 1.3538 , and then fell to $ 1.3493 , and is now trading at $ 1.3517

GBP / USD: during the European session, the pair rose to $ 1.6343 , but then fell back slightly

USD / JPY: during the European session, the pair rose to Y101.50 from Y100.75

At 15:00 GMT the United States will announce the change in the volume of industrial orders in December. At 21:45 GMT New Zealand will report on changes in the number of employed and the unemployment rate for the 4th quarter . At 22:30 GMT Australia will release the index of activity in the service sector from January AiG .

04.02.2014 11:45

European stock fell

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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