The euro exchange rate against the dollar has increased significantly, while recovering after a landslide, triggered by a decrease in rates of the ECB, which helped to better-than-forecast economic indicators for Germany, released this week. Earlier, the market began to worry for the health of core eurozone economies, so the positive statistics from Germany (promzakazy and industrial production) have helped to reduce expectations about the ECB to cut rates again.

Note that today the German Federal Statistical Office reported that in March, industrial production grew by 1.2% on the month and fell by 2.5% in the year. These were better than the average forecast, which envisaged decline by 0.1% m / m and 3.9% y / y The report documents the growth of manufacturing output up 1.4% m / m in March after rising 0.9% the previous month. Production of durable consumer goods increased by 2.2% in March after rising 1.4% in February. Production of non-durable goods increased during the same period by 0.7% after falling 3.0% in the previous reporting month.

The growth of production orders, as witnessed yesterday released a report, and the recovery of the construction should be in the coming months to continue to have a positive effect on the volume of industrial production.

The cost of the New Zealand dollar fell against the U.S. dollar following the news that the Reserve Bank of New Zealand intervened to reduce the rate of the national currency. As a result of such applications has decreased investor interest to the entire block of commodity currencies. Governor of the Central Bank of New Zealand Graeme Wheeler told the committee of Parliament on Budget and Finance Committee that the RBNZ to sell small amounts of the New Zealand dollar to prevent the national currency, as well as not to use the tools of monetary policy, such as lowering interest rates. After this announcement, the currency has traded in the range, despite the emergence of news about the positive balance of foreign trade of China in April and an increase in exports from the country in April, up 14.7% compared with the same period last year.

The Canadian dollar rose against the U.S. dollar, helped by a report released today by Canada, which showed that the number of housing starts in April fell to 175,000 homes a year, but this figure matched analysts' expectations. According to revised data, the number of bookmarks in March totaled 181,000 homes a year.

According to the former Governor of the Bank of Canada David Dodge, the achievement of parity is not so important - it's just another "point in the sequence." However, analysts believe that the U.S. dollar will get strong support in the region of parity. Taking into account the uneven growth of the Canadian dollar, which was observed recently, a break of parity may not be as quick and easy process. On the contrary, the Canadian dollar is likely to make several attempts to break through this mark before he could do so.

Value of the pound against the dollar has increased significantly, reaching maximum values ​​at the same time in the last two weeks, amid speculation that the Bank of England is expected to leave the size of the stimulus program unchanged amid signs that the economy will continue to grow in the second quarter, although at a more moderate pace. Economists expect the Monetary Policy Committee of the central bank will keep the benchmark interest rate at 0.5% and the size of its asset purchase program at 375 billion pounds. Activity in the dominant services sector rose in April to its highest level since August 2012. Similar studies have shown that the production and construction activity also improved. Economists said the combination of promising signals about growth and persistently high inflation should keep the Bank of England from any changes. The annual rate of inflation was 2.8% in March and, despite some easing of inflationary pressures due to commodity prices are expected to stay above 2% target of the Bank of England, for the remainder of the year.

European stocks climbed, with the Stoxx Europe 600 Index extending its highest level since June 2008, as companies from ING Groep NV (INGA) to Deutsche Telekom AG (DTE) posted quarterly earnings that beat estimates.

The Stoxx 600 rose 0.6 percent to 303.67 at the close. The benchmark gauge rallied yesterday to its highest level since June 2008 as companies from HSBC Holdings Plc to Allianz SE reported earnings that beat estimates. It has gained 8.6 percent so far in 2013, its best start to a year since 2006.

German industrial production increased for a second month in March, a report showed. Production rose 1.2 percent from February, the Economy Ministry in Berlin said. Economists surveyed had forecast a 0.1 percent decline.

In China, a report from the General Administration of Customs showed that exports rose 14.7 percent in April. That exceeded the 9.2 percent median forecast of analysts. Imports climbed 16.8 percent, compared with the average projection of 13 percent. The trade surplus for the world's second-largest economy widened to $18.2 billion.

National benchmark indexes gained in 13 of the 18 western- European markets today.

FTSE 100 6,583.48 +26.18 +0.40% CAC 40 3,956.28 +34.96 +0.89% DAX 8,249.71 +67.93 +0.83%

ING climbed 3.1 percent to 6.79 euros as the Dutch lender posted first-quarter net income of 1.8 billion euros ($2.4 billion). That beat the 1.48 billion euros average prediction of analysts. The financial-services company registered a 950 million-euro gain for the period from selling assets in Hong Kong, Thailand and Macau. Chief Executive Officer Jan Hommen said in a statement that the company will hold an initial public offering for its European insurance business in 2014. ING plans to save 1 billion euros a year by 2015.

Deutsche Telekom gained 4.7 percent to 9.56 euros after posting first-quarter earnings before interest, taxes, depreciation and amortization, adjusted for some items, of 4.29 billion euros. That beat the 4.24 billion-euro average estimate of analysts. Germany's biggest phone company said that its U.S. mobile-phone customers rose for the first time in 15 months.

Delhaize rose 1.4 percent to 48.85 euros after the owner of the Food Lion supermarket chain said in a statement that Pierre- Olivier Beckers will stand down as CEO. Delhaize also reported a first-quarter profit of 61 million euros.

Teleperformance SA jumped 6.2 percent to 36.24 euros, its highest price since January 2001, after saying so-called organic sales grew by 12 percent in the first quarter, driven by business in Latin America. The French operator of call centers also said its margin on earnings before interest, taxes and amortization, excluding one- off items, will grow by 9.3 percent to 9.5 percent in 2013, confirming its previous guidance.

Standard Chartered dropped 4.4 percent to 1,625 pence, its biggest plunge since August 2012. Britain's second-largest lender by market value said first-quarter operating profit declined because wholesale-banking revenue decreased.

Oil prices fell, dropping at the same time below $ 104 a barrel as significant concerns about global demand and rising U.S. crude stocks to new highs, it was offset by the published data on imports of China and an unexpected jump in German industrial production.

We add that the U.S. Energy Information Administration reported unexpectedly weak growth in crude oil and refined over the past week. As it became known oil reserves rose by 0.2 million barrels for the week ending May 3. According to analysts, the reserves were to increase by about 1.9 million barrels. As for gasoline stocks, they fell by 0.9 million barrels. We also add that distillate stocks rose 1.8 million barrels. U.S. Energy Department also reported that oil terminal in Cushing last week fell by 0.652 million barrels to 49.149 million barrels. Also recall that the American Petroleum Institute said yesterday that inventories increased by 0.68 million barrels.

Also today, it was reported that daily crude oil imports in China rose in April by 3.7%, compared with a year earlier, and increased by 3.5% in March, as the second largest oil consumer in the world took advantage of lower prices to replenish stocks.

Also today, another report, which was published by the Federal Statistical Office of Germany has shown that up to March, industrial production grew by 1.2% on the month and fell by 2.5% in the year. These were better than the average forecast, which envisaged decline by 0.1% m / m and 3.9% y / y The report documents the growth of manufacturing output up 1.4% m / m in March after rising 0.9% the previous month. Issue of capital goods increased by 0.6% in March after rising 0.1% in February. Production of durable consumer goods increased by 2.2% in March after rising 1.4% in February. Production of non-durable goods increased during the same period by 0.7% after falling 3.0% in the previous reporting month. Release of energy rose by 4.0% in March after rising 0.8% in February. Due to the long period of cold weather construction output fell by 3.1% after falling 1.6% the month before.

The growth of production orders, as witnessed yesterday released a report, and the recovery of the construction should be in the coming months to continue to have a positive effect on the volume of industrial production.

Many experts point out that the Chinese and German data will contribute to the growth of world stocks and other commodities, despite doubts about the veracity of the data from China.

The cost of the June futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 96.02 dollars per barrel.

June futures price for North Sea Brent crude oil mixture fell $ 0.10 to $ 104.01 a barrel on the London exchange ICE Futures Europe.

Gold prices rose, as many traders were confident that a strong Chinese economic data will increase demand in the second world consumer of the metal. Also today it was announced that the demand for gold coins and bars from India and China, which are the largest consumers continues to grow larger than normal.

We also note that the data that were presented today General Administration of Customs show that in the past month, the growth of China's exports exceeded economists' expectations, thus weakening the concerns about slowing economy. However, the data fueled skepticism about their accuracy after the detection of unusual trends in the trade data for the last few months. Today's data showed that the annualized amount of the April exports increased by 14.7 percent, compared with a forecast at 9.2 percent growth. Meanwhile, imports grew by 16.8 percent, exceeding the expectations of a 13 percent increase. Given these data, the trade surplus in April totaled $ 18,160 billion, higher than the expected surplus of $ 16.15 billion also add that in comparison with March, exports rose by 2.7 percent, while imports fell by 7 , 7 percent. Recall that in March, the figures for trade were relatively weaker, and the trade balance even went to the deficit.

At the same time, UBS analysts believe that, while demand for gold remains high, it has slowed down compared to the rates that occurred in late April, which was associated with an increase in prices. Analysts and traders said the rise in global equity markets, particularly in the United States and Japan also limits the investor demand for gold as a safe haven.

We also learned that the gold reserves in the SPDR Gold Trust fell yesterday by 0.4% to 1,057.79 tons, the lowest level since March 2009.

The cost of the June gold futures on COMEX today rose to 1465.00 dollars an ounce.

EUR/USD $1.3000, $1.3050, $1.3075, $1.3100, $1.3125, $1.3150, $1.3170, $1.3220

USD/JPY Y98.00, Y98.40, Y98.50/55, Y98.60, Y98.75, Y98.95, Y99.00, Y99.25, Y100.00

EUR/JPY Y128.25, Y130.00

USD/CHF Chf0.9375

AUD/USD $1.0150, $1.0200

AUD/JPY Y100.00

NZD/USD $0.8400

AUD/NZD NZ$1.2050

EUD/USD

Offers $1.3200, $1.3180, $1.3150

Bids $1.3070/50, $1.3040, $1.3000

AUD/USD

Offers $1.0330, $1.0280/00, $1.0230/50, $1.0220

Bids $1.0150, $1.0120/15, $1.0090/85, $1.0020/15

USD/JPY

Offers Y100.00, Y99.50/60, Y99.15/20

Bids Y98.50, Y98.25/20, Y98.00

EUR/JPY

Offers Y131.50, Y131.00, Y130.50

Bids Y129.60, Y129.20, Y129.00, Y128.80/70, Y128.55/50

EUR/GBP

Offers stg0.8545/50, stg0.8530/35, stg0.8500/10, stg0.8480/85

Bids stg0.8450/40, stg0.8410/00

Stock Indexes rose as as ING and Deutsche Telekom posted quarterly earnings that beat estimates and Germany IP data was better then expected.

Shares of ING climbed more then 2%, shares of Deutsche Telekom gained more then 3%.

Data showed that German industrial output in march rose 1.2% m/m vs -0.1% expectation.

Currently:

FTSE 6,570.8 +13.50 +0.21%

CAC 3,943.01 +21.69 +0.55%

EUR/USD $1.3000, $1.3050, $1.3075, $1.3100, $1.3125, $1.3150, $1.3170, $1.3220

USD/JPY Y98.00, Y98.40, Y98.50/55, Y98.60, Y98.75, Y98.95, Y99.00, Y99.25, Y100.00

EUR/JPY Y128.25, Y130.00

USD/CHF Chf0.9375

AUD/USD $1.0150, $1.0200

AUD/JPY Y100.00

NZD/USD $0.8400

AUD/NZD NZ$1.2050

Asian stocks advanced for a third day, with the regional benchmark index rising to a five-year high, as China's exports topped estimates and companies including HSBC Holdings Plc posted earnings that cheered investors.

Nikkei 225 14,285.69 +105.45 +0.74%

S&P/ASX 200 5,199.8 +56.07 +1.09%

Shanghai Composite 2,243.67 +8.09 +0.36%

Komatsu Ltd., the world's second-biggest maker of construction and mining equipment, advanced 4.4 percent in Tokyo, leading industrial companies higher.

HSBC Holdings gained 1.5 percent in Hong Kong after the lender beat analysts' estimates for profit.

Toshiba Corp., the No. 2 maker of flash- memory, slumped 5 percent in Tokyo before it reported after the market closed that profit missed its forecast.

02:00 China Trade Balance, bln April -0.9 15.5 18.2

The euro's volatility against the dollar was near the lowest in almost four months as investors weighed prospects for additional monetary stimulus by the European Central Bank and receding credit risk in the region.

ECB President Mario Draghi said this week that policy makers had an "open mind" on a negative deposit rate. The extra yield investors demand to hold 10-year Spanish bonds over same maturity German debt narrowed to the least since August 2011 yesterday. Demand for the euro was limited ahead of data forecast to show German industrial production shrank in March from the previous month. Economists surveyed by Bloomberg before the figures due today predict a 0.1 percent contraction, after a 0.5 percent expansion in February.

New Zealand's dollar sank to a five-week low after Reserve Bank Governor Graeme Wheeler said the central bank has sold the currency. Reserve Bank of New Zealand Governor Wheeler told parliament's finance and expenditure select committee in Wellington today that "there has been some intervention."

He said he reserves the right for further currency sales to damp gains in the kiwi. The local dollar has surged 45 percent against the greenback since the end of 2008, the biggest advance among over 150 currencies tracked by Bloomberg.

Australia's dollar trimmed losses after Chinese data showed imports grew more than economists estimated. In China, imports rose 16.8 percent in April from the prior month, the customs administration said today in Beijing. That was more than the 13 percent increase expected by economists in a Bloomberg News survey. Exports grew 14.7 percent last month from March. China is the biggest trading partner for both Australia and New Zealand.

EUR / USD: during the Asian session, the pair rose $ 1.3100

GBP / USD: during the Asian session, the pair is trading around $ 1.5480

USD / JPY: during the Asian session, the pair rose to Y99.15

Change % Change Last

GOLD 1,451.10 -16.90 -1.15%

OIL (WTI) 95.46 -0.70 -0.73%

Change % Change Last

Nikkei 225 14,180.24 +486.20 +3.55%

Hang Seng 22,993.18 +78.09 +0.34%

S&P/ASX 200 5,143.7 -12.50 -0.24%

Shanghai Composite 2,235.57 +4.41 +0.20%

FTSE 100 6,557.3 +35.84 +0.55%

CAC 40 3,921.32 +14.28 +0.37%

DAX 8,181.78 +69.70 +0.86%

Dow +81.75 15,050.64 +0.55%

Nasdaq +2.51 3,395.48 +0.07%

S&P +8.02 1,625.52 +0.50%

(pare/closed(00:00 GMT +02:00)/change, %)

EUR/USD $1,3079 +0,05%

GBP/USD $1,5480 -0,38%

USD/CHF Chf0,9402 +0,20%

USD/JPY Y98,97 -0,35%

EUR/JPY Y129,42 -0,34%

GBP/JPY Y153,18 -0,76%

AUD/USD $1,0182 -0,68%

NZD/USD $0,8443 -0,83%

02:00 China Trade Balance, bln April -0.9 15.5

05:00 France Bank holiday

07:00 United Kingdom Halifax house price index April +0.2% +0.2%

07:00 United Kingdom Halifax house price index 3m Y/Y April +1.1%

07:15 Switzerland Consumer Price Index (MoM) April +0.2% +0.1%

07:15 Switzerland Consumer Price Index (YoY) April -0.6% -0.5%

10:00 Germany Industrial Production s.a. (MoM) March +0.5% -0.1%

10:00 Germany Industrial Production (YoY) March -1.8% -3.9%

12:15 Canada Housing Starts April 184 175

12:30 U.S. FOMC Member Jeremy Stein Speaks

14:30 U.S. Crude Oil Inventories April +7.0

22:45 New Zealand Employment Change, q/q Quarter I -1.0% +1.1%

22:45 New Zealand Unemployment Rate Quarter I 6.9% 6.8%