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11.02.2014 19:20

American focus : the pound rose moderately against the U.S. currency

The euro exchange rate showed marked fluctuations against the dollar , but was unable to hold its positions and fell back to the lows of the session. The main focus of market participants was focused on the speech of Fed Chairman Janet Yellen . Speaking in the U.S. Congress with the semi-annual report on monetary policy , she noted that the situation in the labor market improved, but the economy still has a long recovery process. Yellen also supported the current policy of the FOMC and suggested that the Fed will continue at a moderate pace gradually curtail asset purchase program QE. She also noted that the achievement of targets will not mean automatic increase the federal funds rate . Rather, such progress would be to encourage the Central Bank to analyze the economic situation in order to determine at what stage the rate increase is justified. Yellen said that he sees " significant risks to the U.S. economic outlook " by the tension in the emerging markets , and did not consider politics QE factor that contributes to the formation of bubbles in the stock market , saying that the share price has risen from the average historical values ​​only slightly .

During the question and answer session in Congress Yellen had to touch on rates and QE minimize the likely impact on the process of weakening labor market and the recent disappointing performance report NFP. She admitted that the January employment data did not meet its forecasts , but urged not to jump to hasty conclusions.

Yellen recalled abnormal frosts , which could adversely affect the performance report. "I think we need to understand slowly significance of these figures," on the eve of the March Fed meeting, she said, adding that the only significant change projections will determine the pace of change in folding QE.

Pound retreated from a session high against the U.S. dollar , but continues to trade with a moderate increase . The main growth driver was the increase in the forecast for economic growth of the Confederation of British Industry , which referred to the fact that the economy gain strength in business investment on the background of low borrowing costs and ready to grow this year in net trade . However , CBI has expressed concern about the political uncertainty at a time as a nation enters into a long campaign. Lobbying business projects will grow by 2.6 percent this year , compared with the November forecast of 2.4 per cent , reflecting stronger than expected economic performance in late 2013 .

For 2015 CBI expects expansion of 2.5 percent , it is slightly smaller compared to the forecast of 2.6 per cent in November. Forecasts are generally in accordance with a wide range of estimates of forecasters . It is expected that in the quarterly measurement of gross domestic product growth at 0.6 percent this year , and will be recorded quarterly growth rates ranging from 0.6 percent to 0.7 percent in 2015.

Besides a couple of words influenced Fed chief Janet Yellen .

The yen fell against the dollar , reaching with almost two-week low . Experts note that the demand for USD / JPY pair has returned thanks Yellen . As announced today , Fed Chairman Janet Yellen , speaking in the U.S. Congress with its first semi-annual report on monetary policy , the labor market situation has improved , but the economy still has a long recovery process. Thus, the market received mixed signals , resulting in market volatility .

11.02.2014 18:20

European stock close

Market Focus

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  • 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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