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09.06.2015 18:20

American focus: euro rebounded

During the American session, the euro recovered from early losses against the dollar amid comments from the European Commission. The single currency got a boost to growth through the comments of European Commissioner V. Dombrovskis, who said that the last list of reforms proposed by Greece, "is now before" and that an agreement on Greece could be reached in the coming days. It appeared previously neutralized reports that EU leaders rejected the proposal by Greece last list of reforms.

At the beginning of the session supported the US currency had data on the US labor market. The number of jobs in the US in April reached the highest level for the time of statistics, which is a sign of improvement in the labor market. This was said on Tuesday the Ministry of Labour. The number of vacancies in April totaled 5.4 million compared to 5.1 million in March. The April figure is the highest since 2000, when the Labor Department began keeping records of the number of vacancies. The number of employed workers in April amounted to 5 million, slightly less than in March. The share of employees to resign in April fell slightly, but remained at 1.9%.

In addition, the report published by the Department of Commerce, showed that wholesale inventories in the US rose at the end of April, exceeding the predicted value and accelerate the pace of the previous month. According to the data inventories in the warehouses of wholesale trade rose in April by 0.4 percent (to 576.9 billion.) Against growth of 0.2 per cent in March (revised from +0.1 per cent). Economists had expected wholesale inventories to increase by 0.2 percent. In annual terms, the stock rose 4.5 percent.

Little impact on the euro also had data on GDP. Statistical Office, Eurostat reported: Eurozone GDP rose slightly in the 1st quarter, confirming previous estimates, as the increase in public spending and investment was partially offset by an increase in imports. According to the report, the combined gross domestic product of the 19 countries of the eurozone increased by 0.4% compared with the last three months of 2014. In annual terms, the economy expanded by 1.0%. Quarterly and annual change coincided with the preliminary estimates published last month. Indicators for the first quarter suggest that the economy is weakening slightly benefited from the euro, which was one of the effects of different incentive measures launched by the ECB in June 2014. While export growth slowed to 0.6% from 0.8%, the increase in imports accelerated to 1.2% from 0.8%. As a result, trade reduced GDP growth by 0.2 percentage points. This slowdown was partly offset by the growth in government spending, which rose by 0.6% during the 1 st quarter, against 0.1% in the previous period. Economic growth was also caused by an increase in investment spending and consumer spending.

The pound retreated from session low against the dollar, while rising above $ 1.5300, which helped the trade balance in Britain. The Office for National Statistics reported: total trade deficit narrowed to 1.202 billion. Pounds in April from the revised March index at the level of 3.093 billion. Pounds (originally reported 2.817 billion. Lbs). The latter value was the lowest since March 2014. We also learned that there was a balance of trade in goods deficit 8.561 billion. Against 10.705 billion pounds. Pounds in March (revised from 10.1 billion. Lbs). The April reading was the lowest since March last year. It was expected that the deficit will be 10 billion. Exports rose by 0.7 bln. Pounds, while imports declined 1.5 bn. Pounds compared with March. Within three months (April), exports remained unchanged after rising 0.3 percent in the first quarter, while imports grew by 2.1 per cent, as in the first three months of the year. The deficit in trade in goods with EU countries fell to 6.5 billion pounds from 7.3 billion. Pounds, while trade with countries outside the EU dropped to 2.1 billion. 3.4 billion pounds. Pounds. Also, the data showed that the surplus in the trade in services amounted to 7.4 billion pounds. compared to 7.6 billion. lb in March.

The Swiss franc fell against the US dollar, a foothold above the level of CHF0.9300, despite the publication of positive statistics in Switzerland. The State Secretariat for Economic Affairs said today that the results of last month the unemployment rate in Switzerland remained unchanged. According to the data, the seasonally adjusted unemployment rate was 3.3 per cent, thus confirming the expectations of economists. Without seasonal adjustment unemployment rate fell to 3.2 percent in May from 3.3 percent a month earlier. It was predicted that the unemployment rate will remain unchanged.

It was also reported that the number of unemployed fell in May to 4782 people, compared to the previous month - to the level of 136 349 people. In annual terms, the number of unemployed increased by 6,039 or 4.6 percent. The youth unemployment rate fell to 2.9 percent in May from 3.1 percent in April.

Meanwhile, another report from the Federal Statistical Office showed that in May, consumer prices fell by 1.2 percent year on year, which was slightly faster than the 1.1 percent drop in the previous month. Last change coincided with forecasts of experts. It should be emphasized, it was is the seventh consecutive fall in the consumer price and the longest series since July 2009. On a monthly basis, consumer prices rose by 0.2 percent, offsetting a drop of 0.2 percent in April. Economists had forecast an increase of 0.1 percent.

09.06.2015 16:11

WSE: Session Results

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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