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05.01.2016 19:21

American focus: the US dollar strengthened against the major currencies

The dollar generally holds gains against the other major currencies, as disappointing euro zone inflation data, concerns about the growth of the Chinese economy and the growing tension in the Middle East eroded risk sentiment of the market.

The euro declined significantly against the dollar, updating the yesterday's low. The pressure on the currency has the expectation of publication of inflation data for the euro area. After the publication of this report, the euro continued to fall, as the figures fell short of forecasts. Recall the preliminary data provided by the Statistical Office, Eurostat, showed that consumer prices in the euro zone rose in December by 0.2%, as in the previous month. Experts expect that the prices will increase by 0.4%. Meanwhile, core consumer price index, which does not take into account the extremely volatile components, rose last month by 0.9%, confirming analysts' forecasts. Recall that in November this indicator also increased by 0.9%. The report also stated that the price of food, alcohol and tobacco recorded the largest increase in December - at the level of + 1.2% versus + 1.5% in November. Meanwhile, prices of services increased by 1.1% after increasing by 1.2%. The cost of non-energy goods increased by 0.3%, as in November. Energy prices fell 5.9%, after declining by 7.3%.

Small influenced statistics for Germany. The Federal Labor Agency said that the seasonally adjusted number of unemployed decreased by 14 000, amounting to 2.757 million at the same time. People. Economists had expected the index to fall in 7000, after declining by 14,000 in November (revised from -13,000). Meanwhile, the unemployment rate remained at 6.3 per cent (the lowest value since the time of reference of the statistics, namely from January 1992). The latter value is in line with expectations.

Demand for the safe haven yen-preserved after Monday was published statistics on China, where the index of business activity in the manufacturing sector Caixin fell this month to a level of 48.2 from the previous value of 48.6 in December, with expectations of growth to 48 9.

This minimum value of the index in September, lower than 50, which is the boundary between the deceleration and growth.

Markets are also worried about the growing tension in the Middle East, once in response to the execution of the well-known Shia preacher in Tehran was defeated Saudi embassy.

The pound fell against the dollar, despite the publication of good data on business activity. Experts note that the attitude to risk is now the main driver of movements of the pair, as the US calendar is almost empty.

Earlier today, a report by Markit Economics and CIPS showed that the growth rate of activity in the UK construction industry has accelerated markedly in December after the November reached a seven-month low. According to the index of purchasing managers in the construction sector rose in December to 57.8 points compared to 55.3 points in November. Analysts had expected the index to increase to only 56.0 points. The Markit Economics said that the growth rate of commercial and residential construction rebounded in December after falling to its lowest level since mid-2013 in November. Civil engineering, however, declined, albeit only slightly. It is worth emphasizing the reduction in this sector was recorded for the first time since April 2015. In addition, studies have shown that more than half of the companies expect a rise in business activity during 2016 and only 7 percent predict a decrease.

05.01.2016 17:27

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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