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16.04.2014 12:00

European session: Japanese yen fell moderately against the dollar


00:00 U.S. FOMC Member Narayana Kocherlakota

00:30 Australia Leading Index February -0.1% 0.0%

02:00 China Retail Sales y/y March +11.8% +11.9% +12.2%

02:00 China Fixed Asset Investment March +17.9% +18.1% +17.6%

02:00 China Industrial Production y/y March +8.6% +9.1% +8.8%

02:00 China GDP y/y Quarter I +7.7% +7.4% +7.4%

04:30 Japan Industrial Production (MoM) (Finally) February -2.3% -2.3% -2.3%

04:30 Japan Industrial Production (YoY) February +6.9% +6.9% +7.0%

06:15 Japan BOJ Governor Haruhiko Kuroda Speaks

08:30 United Kingdom Average earnings ex bonuses, 3 m/y February +1.3% +1.7% +1.4%

08:30 United Kingdom Average Earnings, 3m/y February +1.4% +1.8% +1.7%

08:30 United Kingdom Claimant count March -34.6 -30.2 -30.4

08:30 United Kingdom Claimant Count Rate March 3.5% 3.4%

08:30 United Kingdom ILO Unemployment Rate February 7.2% 7.2% 6.9%

09:00 Eurozone Harmonized CPI March +0.3% +1.0% +0.9%

09:00 Eurozone Harmonized CPI, Y/Y (Finally) March +0.7% +0.5% +0.5%

09:00 Eurozone Harmonized CPI ex EFAT, Y/Y March +1.0% +0.8% +0.7%

09:00 Switzerland Credit Suisse ZEW Survey (Expectations) April 19.0 7.0

The euro exchange rate against the dollar has risen considerably in anticipation of the CPI data , but as the report itself is not pleased , currency movement stalled. At Statistics reported that by the end of March inflation fell to its lowest level since November 2009 , keeping pressure on the European Central Bank . According to the report , on an annual basis the March consumer price index rose by 0.5 percent , compared with an increase of 0.7 percent in February . Last result coincided with forecasts of experts. The greatest increase in prices was observed on tobacco, restaurant meals , milk, cheese and eggs , and showed the biggest decline heating oil and fuel. Core inflation rate , which ignores volatile items such as food and energy , fell to 0.7 percent from 1.0 percent in February (the lowest since December 2013). It was expected that figure fell to 0.8 percent. Note that inflation is below 1 percent for six consecutive months , increasing speculation that the ECB will need to take further measures . The ECB said the bank use unconventional measures to ensure that inflation does not remain at a low level for too long.

Pound rose sharply against the U.S. currency , which helped optimistic data on the labor market in Britain. The Office for National Statistics said that for three months ( to February), the unemployment rate fell to a five-year low , and was 6.9 percent, compared with 7.2 percent in the three months to January. Experts expect that this figure will remain unchanged. We also add that the overall wage growth accelerated to 1.7 percent in the three months to February , compared with 1.4 percent in the previous three-month period . It was the first time since April 2010, when the growth rate of wages keep pace with the consumer price index . Economists , however, expect to see growth in this index by 1.8 percent . Furthermore, it became known that the number of people claiming unemployment benefits fell in March, slightly more than expected - to 30 400 , and totaled 1.142 million people ( the lowest level since November 2008 ) . The figure for February was revised up to 37,000 from 34,600 . Experts predicted that in March the number of applications dropped by 30 200 people.

The yen fell against the dollar , reaching a minimum in this week , which was associated with the statements of the representatives of the Japanese authorities and the sharp rise in the index Nikkei. Today Nikkei index rose by 3% due to improving risk sentiment in Asia. Inverse relationship between the dynamics of the index and the yen led to a breakthrough pair USD / JPY level Y102.00. Meanwhile, adding that today the Bank of Japan Haruhiko Kuroda said in Parliament : the Central Bank will make every possible effort to achieve a 2% inflation target . He also tried to ease fears that the recent volatility in the Japanese stock market undermines economic growth in the country. At the same time he rejected criticism of the fact that mitigation measures of central bank policy is the main cause of volatility indices.

EUR / USD: during the European session, the pair rose to $ 1.3850

GBP / USD: during the European session, the pair rose to $ 1.6815

USD / JPY: during the European session, the pair rose to Y102.38

At 12:30 GMT , Canada declares volume of transactions with foreign securities in February and the volume of building permits issued in March . Also this time, the U.S. will release data on the number of Housing Starts in March . At 13:15 GMT the United States will present capacity utilization and will report on changes in the volume of industrial production in March . At 14:00 GMT held publication of the report of the Bank of Canada's monetary policy for the 2nd quarter and the decision will be announced on the Bank of Canada on the basic interest rate. Also in this time will cover the Bank of Canada statement . 14:30 GMT the U.S. will release data on crude oil inventories from the Energy Department . At 15:15 GMT the press conference of the Bank of Canada. At 18:00 GMT will be published Economic Outlook by Region Fed " Beige Book ."

16.04.2014 11:45


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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