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04.02.2014 19:20

American focus : euro sideways against the dollar

The euro exchange rate is trading without a trend against the U.S. dollar while investors awaited the outcome of the ECB meeting this week.

Little impact on the dynamics of trade had a report , according to which it was reported 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. 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.

During the session of the published data , which showed that in the United States by the end of the month of December , new orders for manufactured goods fell markedly , while offset by an increase , which was celebrated last month. Experts note that the decrease in orders , was mainly due to the sharp decline in demand for transport equipment. The report said that factory orders fell 1.5 percent in December , compared with a revised downward by 1.5 percent increase in November. Economists had expected orders to fall by about 1.1 percent compared with growth of 1.8 percent in the previous month , which was originally reported. In addition , the data showed that, except for a 9.7- percent decline in orders for transportation equipment, factory orders rose in December by 0.2 percent .

Pound previously has grown significantly against the U.S. dollar , which helped the publication of a positive report by 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 by two figures against the U.S. dollar , which was associated with a decision by 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 .

04.02.2014 18:20

European stocks close

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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