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29.07.2016 12:32

European session review: US dollar fell on month end flows

The following data was published:

(Time / country / index / period / previous value / forecast)

6:00 Germany Retail Sales seasonally adjusted 0.7% in June -0.1% -0.1%

6:00 Germany Retail sales, excluding seasonal adjustments, y / y in June 2.8% 1.3% 2.7%

6:30 Japan Press Conference of the Bank of Japan

7:00 Switzerland index of leading economic indicators from the KOF July 102.6 101.3 102.7

8:30 UK approved applications for mortgage loans, th. June 66.72 65.65 64.77

8:30 Volume UK net lending to individuals, 4.3 billion in June 4.2 5.2

8:30 UK Changing the volume of consumer lending, one million in June 1599 1400 1837

9:00 Eurozone Consumer Price Index y / y (preliminary data) July 0.1% 0.1% 0.2%

9:00 Eurozone consumer price index base value, y / y in July 0.9% 0.8% 0.9%

9:00 The Eurozone unemployment rate in June 10.1% 10.1% 10.1%

9:00 Eurozone GDP q / q (preliminary data) II quarter 0.6% 0.3% 0.3%

9:00 Eurozone GDP y / y (preliminary data) II quarter 1.7% 1.5% 1.6%

The euro has appreciated against the dollar and came close to yesterday's high,. Preliminary data from Eurostat showed that in the 2nd quarter Eurozone GDP grew by 0.3 per cent compared with an increase of 0.6 percent in the first quarter, in line with expectations. This slow growth was last recorded in the third quarter of 2015. In annual terms, growth slowed to 1.6 percent from 1.7 percent. It was expected that GDP will increase by 1.5 percent.

Another report showed that in July consumer prices in the eurozone rose by 0.2% after rising 0.1% in June. Analysts had expected the index to rise by 0.1%. Core CPI, which does not take into account the volatile energy and food prices, rose in July by 0.9%, which coincided with the change in June.

The pound fell slightly against the dollar, returning to the level of opening of the session. A certain pressure on the currency has had a controversial report from the Bank of England. The Bank of England reported that the number of mortgage approvals in Britain fell sharply at the end of June to the lowest level since May 2015, but consumer lending expanded at the fastest pace in nearly 11 years. In June 64.766 mortgages were aprovd compared to 66.722 in May. Consumer lending has increased in June by 10.3 percent y/y, recording the fastest annual growth rate since October 2005. As a result, lending volume amounted to 1.837 billion vs 1.599 billion pound in May (revised from 1.503 billion. Lbs). At the same time, the Bank of England forecast a slowdown in credit growth in the second half of this year due to Brexit.

The Japanese yen has stabilized against the US dollar after the sharp fluctuations in the Asian session, which reflected market disappointment about actions of the Bank of Japan. Today the Bank of Japan eased monetary policy but taken weaker measure than expected, increasing the volume of asset purchases, but stressed that this measure is coordinated with the government program. Central Bank said it will buy ETFs to 6 trillion yen per year, almost double the current volume of purchases. At the same time, the Central Bank left unchanged the volume of purchases of government bonds of Japan (in the amount of 80 bln. Yen) and the deposit rate at -0.1%. After the BoJ meeting investors' attention will switch to the government's stimulus measures. Recall, on Wednesday, Japanese Prime Minister Abe said that next week, namely on August 2 will announce the program of budget expenditures in the amount of more than 28 trillion yen.

EUR / USD: during the European session, the pair rose to $ 1.1115

GBP / USD: during the European session, the pair fell to $ 1.3150

USD / JPY: during the European session, the pair rose from Y102.70 to Y103.95, but then pulled back a little bit

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