• American focus: the pound rose

Noticias del mercado

10 junio 2015

American focus: the pound rose

The pound rose significantly against the US dollar, breaking the mark of $ 1.55, which helped to data on industrial production in Britain. The report submitted by the Office for National Statistics, showed that Britain's industrial output grew moderately by the end of April, surpassing in this assessment experts, helped by a surge in the sectors of oil and gas. According to the data, in April industrial production increased by 0.4 percent compared to the average forecast of 0.1 percent. Also added output growth for March was revised upward - up to 0.6 percent from 0.5 percent. Meanwhile, it became known that the output in the manufacturing sector decreased by 0.4 percent, which was mainly due to a 6-percent decline in the area of ​​pharmaceuticals. It was expected that the index increased 0.1 percent after rising 0.4 percent in March. The report also stated that oil and gas production increased by 8.7 percent for the month, recording the fastest pace since February 2014, which was due to the resumption of work in the North Sea.

The yen strengthened sharply against the US currency, updating the maximum on May 27 that was associated with the statements of the head of the Bank of Japan Kuroda. He noted that the effective exchange rate of the yen is unlikely to continue to decline, hinting at the same time that the Fed's rate hike may have already laid markets in prices. Comments have been made after last Friday the dollar against the yen peaked nearly 13 years against the publication of strong data on US employment. Positive data reinforced expectations that the Federal Reserve will begin raising short-term interest rates later in the year. Meanwhile, the Bank of Japan Sato said today that a weak yen could have a positive impact on exports and dynamics of the stock markets, but at the same time reduce the profits of importers and cause a decline in real income.

Also today, it was reported that orders in the mechanical engineering sector in Japan in May exceeded forecasts, increasing by 3.8% over the month and by 3.0% per annum. The price index for corporate goods fell weaker than expected 2.1%.

The euro fell against the US dollar, as the new wave of sales of German bonds provoked an increase in the yield above the critical level of 1.0%, after which, however, was made a rollback. Recall recent sales bunds provide good support for the euro. Last week there was the strongest fall in prices of German government bonds since 1998.

Main influenced by expectations of a meeting with Greek Prime Minister Alexis Tsipras with German Chancellor Angela Merkel and French President Francois Hollande, to be held later today in Brussels. They will try to "break the deadlock" negotiations between Greece and its creditors to grant her bailout in exchange for structural economic reforms. Recall, last week, Athens rejected the plan of reforms proposed by the creditors and postponed payment to the IMF at the end of this month. On Tuesday, Greece has sent its own reform proposals, which, according to sources, does not fully reflect the previous agreement of the parties. Greece fresh offer international creditors increased targets for the primary surplus of the state budget, said on Tuesday, two representatives of the European authorities. According to the proposal of Greece involves achieving a primary surplus (excess of revenues over expenses before interest payments) of 0.75% of GDP in 2015, 1.75% in 2016 and 2.5% in 2017. This is lower previous creditors' claims, but above the initial offer Greece. The project also involves an increase in revenues from VAT. According to their estimates, in 2016, revenues from VAT reached 1.36 billion euros. Lenders in Greece is still insisting also on the reform of the VAT system, that would bring the budget to 1.8 billion euros, or about 1% of GDP.

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