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20.03.2014 13:15

European session: the euro fell sharply against the U.S. dollar


00:30 Australia RBA Bulletin Quarter I

07:00 Germany Producer Price Index (MoM) February -0.1% +0.2% 0.0%

07:00 Germany Producer Price Index (YoY) February -1.1% -0.9% -0.9%

07:00 Switzerland Trade Balance February 2.55 Revised From 2.59 2.47 2.61

07:15 Japan BOJ Governor Haruhiko Kuroda Speaks

08:30 Switzerland SNB Monetary Policy Assessment

08:30 Switzerland SNB Interest Rate Decision 0.25% 0.25% 0.25%

10:00 Eurozone EU Economic Summit

10:00 Eurozone ECB President Mario Draghi Speaks

10:00 Eurozone European Council Meeting

11:00 United Kingdom CBI industrial order books balance March 3 5 6

12:30 U.S. Initial Jobless Claims March 315 327 320

The euro exchange rate against the dollar has decreased significantly , continuing to maintain their negative mood yesterday . The pair still suffering losses after yesterday's Fed meeting , the tone of which was a hawk , and the subsequent press conference J. Yellen . Federal Reserve hinted yesterday about the possible lifting of interest rates by the middle of next year. Following the meeting on March 18-19, the U.S. Federal Reserve has reduced its quantitative easing program by $ 10 billion for the third time in a row. Since April, the Central Bank will reduce the purchase US Treasuries from $ 35 billion to $ 30 billion a month , mortgage-backed securities - from $ 30 billion to $ 25 billion a month . In addition, the Central Bank has kept interest rate target range of 0% to 0.25% per annum . In this changed approach to forecasting rates and course of monetary policy as a whole. Now the Fed will consider " a wide range of factors," and not just unemployment . Central Bank also downgraded GDP growth forecasts for the current year .

Some support the American currency was the labor market data . The Labor Department said that for the week ending March 15 , the number of initial claims for unemployment benefits rose by 5,000 to a seasonally adjusted , while reaching 320 thousand Economists had expected the value of this ratio will rise to 327 thousand also add that the result the previous week proved unchanged.

Dollar growth expectations also help the publication of data on the U.S. , namely, home sales in the secondary market , the Philadelphia Fed manufacturing index and the index of leading indicators . It is expected that sales in the secondary market will rise to 4.65 million from 4.62 million , the manufacturing index to rise to 4.2 to -6.3 , and the leading index added 0.3 %.

Swiss franc has fallen markedly against the dollar, which was due to yesterday's Fed decision , and today's announcement SNB . Note that the Swiss National Bank confirmed its intention to intervene in currency markets to prevent the strengthening of the franc. We add that the lower limit of the pair EUR / CHF remains at CHF1, 20. Bank called restriction rate " necessary tool " containment pressure on the franc . SNB also upheld the 3 -month interest rate range LIBOR 0,0% -0,25%, that is fixed by 11 consecutive months. Decision is consistent with economists' expectations . Bank noted the continuing high rate limit for the franc and EUR / CHF continues to be an essential tool to avoid undesirable tightening of monetary conditions in the event of renewed upward pressure on the Swiss franc. SNB also said it expects GDP growth in 2014 of around 2 %. Meanwhile, it became known about lowering the inflation outlook to 0.0 % in 2014 from 0.2% previously . Inflation forecast for 2015 was 0.4 %, compared with 0.6 % previously .

EUR / USD: during the European session, the pair fell to $ 1.3755

GBP / USD: during the European session, the pair fell to $ 1.6485

USD / JPY: during the European session, the pair traded in the range Y102.20-Y102.55

At 14:00 GMT the United States declares the volume of sales in the secondary market in February, and will release its manufacturing index for the Philadelphia Fed in March. At 20:30 GMT the U.S. will release the results of stress tests. At 23:00 GMT Australia will release the index of leading economic indicators from the Conference Board in January.

20.03.2014 13:00


Market Focus

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  • Australian unemployment rate stable at 5.6% in June
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