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29.09.2016 12:26

European session review: range trading as we wait for US GDP

The following data was published:

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

7:55 Germany Change in the number of unemployed in September Revised -6 to -7 -5 1

07:55 Germany Unemployment rate seasonally adjusted September 6.1% 6.1% 6.1%

8:30 UK approved applications for mortgage loans, thousand. Revised August 60.92 to 60.91 60.15 60.06

8:30 UK Changing the volume of consumer lending million in August 1191 with the Revised 1181 1400 1574

8:30 Volume UK net lending to individuals, 3.8 billion August 4 4.5

9:00 Eurozone index of sentiment in the economy in September 103.5 103.5 104.9

9:00 Eurozone consumer confidence index (final data) September -8.5 -8.2 -8.2

9:00 Eurozone Sentiment Index in the business community in September to 0.03 Revision 0.02 0.1 0.45

9:00 Eurozone business confidence index in industry in September -4.4 -4.1 -1.7

12:00 Germany Consumer Price Index m / m (preliminary data) September 0.0% 0% 0.1%

12:00 Germany Consumer Price Index y / y (preliminary data) September 0.4% 0.6% 0.7%

The euro fell against the dollar after the release of data from the German labor market. Unemployment in Germany rose unexpectedly in September, the Federal Labor Agency reported on Thursday.

The number of people out of work increased by 1,000 to 2.68 million, confounding expectations for a decline of 5,000.

The unemployment rate remained unchanged at a seasonally adjusted 6.1 percent, the lowest level since German reunification. The figure was in line with expectations.

At the same time, Destatis data showed that the unemployment rate in Germany remained stable in August, while the number of those who remain out of work decreased.

The seasonally adjusted unemployment rate based on ILO standards was 4.2 percent, unchanged from July, showed the results of the Labour Force Survey. Index was 4.5 per cent in the same month last year.

The number of unemployed was 1.82 million, which was nearly 4,000 less than a month ago.

In unadjusted basis, the unemployment rate fell to 4.2 percent from 4.3 percent in July. A year ago, the figure was 4.5 percent.

The number of employees based on ILO standards was adjusted to 41.14 million, which was higher by 2.7 percent compared to the previous year.

The number of employed people in Germany amounted to a seasonally adjusted 43.53 million in August, roughly the same as in July, according to Destatis.

In addition, in the euro area manufacturers have ignored the concerns about the impact of the UK decision to leave the European Union, reporting an increase in export orders, which helped boost confidence in September to its highest level this year.

A more optimistic outlook shared by the euro zone consumers, as well as retailers, service providers and construction companies. And the restoration of sentiment spread outside EU, as British consumers and construction companies also gained trust during the month, although the country's manufacturers have become more pessimistic.

Eurozone politicians feared that the sharp decline in the exchange rate of the British pound against the euro after the vote in June would lead to a weakening of exports in its second largest overseas market, as well as cause damage to the economic sentiment.

EUR / USD: during the European session, the pair fell to $ 1.1209

GBP / USD: during the European session, the pair fell to $ 1.2987 and retreated

USD / JPY: during the European session, the pair rose to Y101.74 and retreated

Market Focus

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  • 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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