• European session: the euro rose

Market news

13 September 2013

European session: the euro rose

07:15 Switzerland Producer & Import Prices, m/m August 0.0% +0.2% +0.2%

07:15 Switzerland Producer & Import Prices, y/y August +0.5% +0.5% +0.2%

09:00 Eurozone ECOFIN Meetings September

09:00 Eurozone Eurogroup Meetings September


Euro rose moderately against the dollar after yesterday analysts from Goldman Sachs Group raised its forecast for the next half a year for the pair eur / usd to $ 1.40 from $ 1.37 previously . According to statements by GS, outlook raised expectations to improve the prospects for economic growth in the euro area , which will lead to an influx of capital into the euro area and help to recover from the financial crisis. Expert Division Goldman Sachs Group, led by the London-based chief currency strategist Thomas Stolper , sees growth in the euro over the next three months to $ 1.38 , against a previous forecast of $ 1.34 .

Of secondary statistics in the region can be noted on the weak data reduction of employment in the euro area. EU statistics agency said Friday that the number of people employed in the 2nd quarter decreased by 0.1 % compared to the first quarter and amounted to 145 million people, which is 1 % less than in the 2 - fourth quarter 2012 . Employment growth has generally lagged behind the growth of production for a few months, so the decline in the second quarter is not surprising. But with the decline in industrial production, which occurred at the beginning of the third quarter, this fact underscores the fragility of the recovery in the euro area.

The yen weakened after his September report to the Cabinet of Japan said that the country is " on the path to economic recovery at a moderate pace ." Recall that at the moment , Japanese Prime Minister Shinzo Abe and the Bank of Japan's attempt to revive the economy and get out of the long-established 15 -year deflation by the unprecedented monetary stimulus programs .

Governor of the Bank of Japan Haruhiko Kuroda on Friday reiterated its support for a sales tax increase , reversing its potentially negative consequences for the economy.

" It is highly probable that the economic growth in Japan will continue to exceed its capacity even after the increase in the sales tax " to 8 % from 5 % in April, Kuroda said at a meeting of the Council on Economic and Fiscal Policy , an advisory body to the Prime Minister Shinzo Abe .

Kuroda stressed that "it is possible to deal with deflation ," and at the same time to rebuild public finances through tax increases.


EUR / USD: during the European session, the pair rose to $ 1.3290


GBP / USD: during the European session, the pair rose to $ 1.5830

USD / JPY: during the European session, the pair rose to Y99.98


At 12:30 GMT will be released in Canada capacity utilization in Q2 . U.S. at 12:30 GMT will publish the change in retail sales , the change in retail sales excluding auto sales , changes in the volume of retail trade sales , excluding cars and fuel, the producer price index , producer price index excluding prices for food and energy prices in August , at 13:55 GMT - the index of consumer sentiment from the University of Michigan in September, the 14:00 GMT - change in stocks in commercial warehouses in July. At 19:00 GMT the United States will be made ​​by the Treasury report on currency.

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