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04.03.2014 19:20

American focus : the euro retreated from highs

The euro exchange rate against the dollar retreated slightly after previously pair rose to daily highs in early U.S. session . The EUR / USD rose to a maximum of $ 1.3780 on the positive opening of Wall Street , but could not hold the position and retreated to the comfort zone of $ 1.3730 on speculation a small decrease in the rate refi and deposit rates before the ECB meeting on Thursday .

The euro has been associated with easing of tensions around Russia and Ukraine. Recall that today Russian President Putin announced the completion of a series of military exercises in the western part of Russia , and ordered the troops to return to base.

Experts note : growth is also linked to the expectations of the ECB meeting on Thursday and the employment report in the U.S. on Friday . However, before these key events in the euro zone will release GDP figures for the 4th quarter , where the forecast is expected to increase by 0.3%. Improved economic outlook is another argument against further easing by the ECB in the near future. However, economic growth is likely to be fast enough to soon reduce excess capacity , the level of which is overvalued and puts pressure on inflation.

Little impact on the euro was data that showed prices of producers eurozone declined in January, more than expected , which was due to falling energy prices . According to the report , producer prices fell 0.3 percent in January , while offsetting an increase of 0.2 percent, which was recorded in December. Many experts expect that producer prices will remain unchanged. Excluding energy , producer prices rose 0.1 percent after zero change in December. Energy prices fell by 1.4 percent in January , compared with 0.5 per cent increase in the previous month. On an annual basis decline in producer prices accelerated in February to 1.4 percent from 0.8 percent in December . Last change coincided with the estimates of experts.

The yen declined significantly against the U.S. currency , which was associated with comments head Bank of Japan and the President of Russia . Kuroda said that low interest rates in Japan are encouraging investors to use the yen as the base currency for the carry trade . This operation , in which investors borrow low-yielding currencies in buying high-yielding currencies . Head of the Bank of Japan said : It is important to assess whether increased volume of such transactions. In addition to advise the Government of Japan on strategies of public pension funds Takatoshi Ito encouraged the authorities to reduce the country's investment in its own government bonds before accelerate inflation . When the rise in prices closer to the Bank of Japan targetiruemym 2 % per annum, the pension fund will be more difficult to sell Japanese government bonds , according to an expert .

Meanwhile, adding that the Russian president ordered the troops , " located on military exercises " , to return to their base. There was hope that the Crimean conflict is resolved - and the demand for safe haven , which is the yen began to fall. Real possibility of military action is low, but a wave of rumors on this issue stirs market. However, once the situation calms down , will be a new wave of interest in the U.S. dollar, especially given the upcoming employment report .

Pound earlier rose against the U.S. dollar , as a territorial dispute between Ukraine and Russia began to be resolved . Pressure on the currency was presented data that showed that the UK construction sector continued its expansion in February, but sharply slowed its pace of growth in comparison with January , as adverse weather conditions violated activity. This was stated in the report, Markit Economics. According to the index of purchasing managers in the construction sector fell last month to a level of 62.6 points, compared with a 77 - month high in January at around 64.6 points. Many experts expect that this figure will decrease only to 63.6 points. I also add that the index remains above the level of 50.0 points , which separates growth from contraction since last May .

Studies have also found that higher levels of production and new orders led to a further sharp rise in employment and procurement. The number of new jobs has reached three-month high in February. The total purchase price inflation accelerated to a five-month low in January , as the pressure on the "chain" of supplies contributed to the growth of the burden . As a result , the average price charged by subcontractors , increased at a record pace on record .

04.03.2014 18:20

European stocks close

Market Focus

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  • 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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