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01.04.2014 18:21

American focus : the yen fell against the U.S. dollar

The U.S. dollar rose to its highest level against the yen since late January . Investors value analyzed data published in the U.S. on the back of higher consumption tax in Japan and deteriorating prospects for business sentiment in Japan .

Consumption tax in Japan was raised to 8 % from 5 % on Tuesday . Bank of Japan Tankan report pointed to expectations of a sharp deterioration in sentiment this year.

Moderately euro rose against the dollar after data showed that manufacturing activity in the U.S. in March grew slightly more rapidly than the previous month. According to the Institute for Supply Management (ISM), the manufacturing index rose to 53.7 from 53.2 . Economists had expected the index was 54.2 .

Published data also reported an increase in construction spending in February by 0.1%. Meanwhile, the calculated final Markit Purchasing Managers Index (PMI) remained unchanged at 55.5 .

Early growth of the euro has been associated with the release of data on European PMI. Note that the PMI indices surpassed forecasts in Spain, Italy and France, confirmed the forecast of the eurozone as a whole, and not short of expectations in Germany. As it became known , the growth in the manufacturing sector slowed in the euro zone last month , and confirmed the experts' forecasts , and initial estimates . According to the final index of business activity in the manufacturing sector amounted to 53.0 points in March , which corresponds to the preliminary estimate, but below the February index at 53.2 points .

We also add that the expansion in the manufacturing sector slowed in Germany last month , which was due to weaker growth in new orders and export orders in Europe's largest economy . According to the report, the purchasing managers' index for the German manufacturing sector , which accounts for about a fifth of the economy, fell to 53.7 in March from 54.8 in February , compared with a preliminary estimate at 53.8 points . Final reading , however , was significantly above the 50- point mark that separates growth from contraction for nine consecutive months.

Were positive and data on unemployment in Germany and the euro area. Report from the Ministry of Labor in Germany showed that the unemployment rate in March fell more than expected , underscoring the continuing improvement in Europe's largest economy . Seasonally adjusted , the number of unemployed fell by 12,000 in March , beating the forecasts of experts at -9000 people. The unemployment rate was 6.7% , unchanged compared with February , the figure for which was revised down from 6.8% . Add that this is the fourth consecutive month to reduce unemployment .

Meanwhile , unemployment in the euro area declined slightly in February , but with the downward revision from the previous month to reach 11.9 percent from 12.0 percent, unchanged. This result was pleasantly surprised many experts , as their unemployment rate was forecast to reach 12.0 percent . In February, the euro zone was recorded 18,970 million unemployed , which was at 35 thousand less than in the previous month .

Pound fell against the dollar amid weak data on activity in the manufacturing sector. Note that the increase in activity in the British manufacturing sector slowed sharply in March , while showing the slowest pace in eight months , which was associated with a drop in purchase prices . According to the index of manufacturing activity fell in March to 55.3 points , its lowest value since last July , and was below economists' forecasts at 56.7 points . We also add that the February figure was revised down to 56.2 points from 56.9 points . It was the fourth consecutive month in which the index fell, although it remained significantly above 50 , which indicates growth. In Markit said that the slowdown in the sector was mainly concentrated among companies that make the machines and equipment . Meanwhile, we add that although there were signs of growth of business investment in recent years , the sub- index for new export orders fell to the lowest level since May 2013 , and some companies reported fewer orders from the Asia- Pacific region.

01.04.2014 17:20

European stocks close

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