• European session: the euro rose

Market news

12 October 2012

European session: the euro rose

 

 

Data:

09:00 Eurozone Industrial production, (MoM) August +0.6% -0.5% +0.6%

09:00 Eurozone Industrial Production (YoY) August -2.3% -4.1% -2.9%

 

The euro rose against the dollar and the yen, receiving support from the statements of the IMF C. Lagarde. She again supported the idea of ​​giving Greece the two additional years to achieve the objectives of the exposed budget deficit, although representatives of the Fund have yet to complete the audit and to assess the progress the country has made to date.

In addition, the unexpected growth and industrial production showed the euro zone, which in August rose a second straight month. The index of industrial production in the euro area in August unexpected surprise: instead of the projected decline of 0.5% m / m (in the correction after the July growth of 0.6%) registered a growth of production again on the same 0.6% m / m However, in annual terms, industrial production is still in the red: -2.9% y / y vs. -2.8% the previous result, and although the result was more optimistic forecast of 4.0% y / y At current levels of around 10% behind the pre-crisis peak in 2008

The yen fell against the dollar amid signs of U.S. economic recovery, reducing demand for safe-haven. The second day of the Japanese currency down against the euro ahead of today's publication of data on the level of consumer confidence in the U.S.. Expected that the rate would be the best since May 2012. According to the median forecast of economists in October, the consumer sentiment index from Reuters / Michigan, is likely to be 78.0. Recall that yesterday also published figures on the U.S. labor market. Since the number of initial claims for unemployment benefits fell to the lowest level in four years. The number of initial claims for unemployment benefits during the week (September 30 - October 6) decreased by 30,000 to 339,000 level.


EUR / USD: pair rose to a new intraday high of $ 1.2985

GBP / USD: pair rose to a new intraday high of $ 1.6077

USD / JPY: the pair grown to Y78.49


At 12:30 GMT the U.S. producer price index will be released, including excluding prices for food and energy in September, at 13:55 GMT - the index of consumer sentiment from the University of Michigan in October. At 16:35 GMT a speech FOMC member Jeffrey Lacker.


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