The yen rose against the dollar after the publication of the minutes of the Bank of Japan. It should be noted that the members of the Board of the Bank of Japan's monetary policy saw signs that the Japanese economy is finally beginning to move in the direction of growth. On the issue of termination of deflation that has plagued Japan for more than 15 years, some of the board members have admitted that it may be difficult to reach a new target for CPI at 2 percent.

The minutes also state that the Japanese economy began to recover. The volume of exports had ceased to decline, as foreign economies are trying to get out of the deceleration phase, which continues from last year, and gradually coming to an end.

Recall that at its last meeting, the Bank of Japan left unchanged the interest rate level - at the level of 0-0,10 percent. He also agreed to carry out operations in the money market, which will help expand the monetary base in annual terms by about 60 - 70 trillion yen. In addition, the Bank of Japan said it would continue to buy Japanese government bonds, so that the amount of debt will increase by an annual rate of up to 50 trillion. yen. that corresponds to the plan. Purchases of government bonds, are expected to put downward pressure on interest rates across the yield curve.

Meanwhile, it is worth noting that one of the members of the committee said the bank should limit its mitigation measures to two years in order to avoid financial imbalances that may arise as a result of stimulation. In addition, members of the committee warned, however, that remains considerable uncertainty and downside risks to the economy - in particular, from abroad.

Euro fluctuates against the dollar amid mixed U.S. data. Thus, the producer price index rose in May by 0.5% m / m increase in forecasts only 0.1% m / m after a contraction of 0.7% m / m the previous month. The volume of industrial production for May showed zero change, but is expected to increase by 0.3% after falling 0.5% the month before. Consumer confidence in the University of Michigan in June amounted, according to preliminary data, 82.7 points, with forecasts of its increase to 84.9 points from 84.5 points in May values.

Earlier, the euro fell against the dollar after data on inflation and employment in the euro area. According to the report, annualized inflation rate, which is calculated in accordance with the harmonized index of consumer prices rose in May by 1.4%, compared with 1.2% in April, which was in line with preliminary estimates and forecasts of experts. We also recall that in March inflation rate was 1.7%. The data showed that at the head of the inflation stood increase in the cost of fruit, vegetables and electricity. Meanwhile, we note that the largest contribution to the decrease was recorded by the price of fuel for transport, telecommunications and health care. On a monthly basis, the harmonized index of consumer prices rose 0.1% in May, which was also in line with the preliminary estimates and forecasts of experts.

At the same time, according to Eurostat, in the 1st quarter of the number of employed people in the 17 countries of the euro zone dropped by 0.5% compared to the last quarter of 2012, which was the strongest quarterly decline since the 2nd quarter of 2009 . As a result of the decline in the number of employed decreased to 145.1 million, the figure is the lowest level of employment during the 4th quarter of 2005.

European stocks fell for a fourth week, the longest streak of losses in more than a year, as concern grew that central banks may reduce stimulus measures.

The Bank of Japan on June 11 refrained from additional stimulus measures to raise inflation and boost growth, continuing its April pledge to increase the monetary base by 60 trillion yen ($620 billion) to 70 trillion yen a year. Japan's economy expanded an annualized 4.1 percent in the first quarter, compared with a preliminary calculation of 3.5 percent, a Cabinet Office report showed on June 10.

In Indonesia, the central bank this week unexpectedly raised its key interest rate for the first time since 2011.

In the U.S., retail sales climbed in May more than forecast, Commerce Department data showed. A separate report the same day showed jobless claims fell more than estimated in the week ended June 7.

The Thomson Reuters/University of Michigan June preliminary index of consumer sentiment fell to 82.7 from a final reading of 84.5 the prior month, missing economist forecasts, a report showed today.

National benchmark indexes fell in 16 of the 18 western-European markets this week. The U.K.'s FTSE 100 lost 1.6 percent. France's CAC 40 decreased 1.7 percent and Germany's DAX Index (DAX) declined 1.5 percent.

Severn Trent slid 15 percent, its biggest weekly drop since October 2008. A bidding group led by Canada's Borealis Infrastructure Management Inc. abandoned a 5.3 billion-pound ($8.3 billion) plan to take over the water utility as a deadline expired on June 11.

Royal Bank of Scotland Group Plc slid 3.5 percent after saying June 12 that Chief Executive Officer Stephen Hester will resign this year. Hester said he is stepping down at the board's request as the state-controlled British bank prepares for privatization.

Kabel Deutschland advanced 11 percent, the biggest weekly gain since at least April 2010, after Vodafone said June 12 that it made a "preliminary approach" to discuss acquiring the German cable operator to expand in the broadband and TV markets.

Rhoen-Klinikum gained 6.2 percent after shareholders abolished a 90 percent voting threshold for mergers and other decisions. The German hospital operator said June 13 that shareholder B. Braun Holding GmbH is legally challenging the decision.

West Texas Intermediate crude climbed to the highest level in nine months on concern that tension in the Middle East will reduce exports.

Prices headed for a second weekly gain after President Barack Obama was said to authorize lethal military aid to rebel groups in Syria. The administration said yesterday that it had confirmed the use of chemical weapons by President Bashar al-Assad’s forces during the civil war. Assad has received support from allies including Iran, the sixth-biggest OPEC oil producer.

Obama is authorizing the provision of small arms and ammunition to the Syrian opposition under a classified order instructing the Central Intelligence Agency to arrange delivery of the weapons, according to a U.S. official familiar with the decision who asked not to be identified discussing the move.

The decision to arm the opposition was prompted by rebel losses rather than by the U.S. confirmation, announced yesterday, that Assad’s forces had used chemical weapons, according to the official familiar with the move.

Syria borders both Iran and Iraq, countries that together hold almost a fifth of the Organization of Petroleum Exporting Countries’s output capacity, according to estimates.

Iranians went to the polls today to choose a successor to President Mahmoud Ahmadinejad who may determine whether the international isolation of world’s fourth-largest oil-reserve holder will continue. Voting was extended by three hours to 9 p.m. local time, state-run Press TV reported.

WTI for July delivery climbed 92 cents, or 1 percent, to $97.61 a barrel at 11:47 a.m. on the New York Mercantile Exchange. It touched $98.25, the most since Sept. 17, breaching the prior 2013 high of $98.24 on Jan. 30. The volume of all futures traded was 42 percent above the 100-day average. Prices are up 1.9 percent this week.

Brent for August settlement increased $1.01, or 1 percent, to $105.96 a barrel on the London-based ICE Futures Europe exchange. Volume was 17 percent below the 100-day average for the time of day.

Brent’s premium to WTI for August delivery widened to as much as $8.32 from yesterday’s $7.56 based on July contracts.

Gold prices are inactive, as investors await the outcome of the Fed meeting next week, hoping to understand the plans of the central bank in respect of incentive program.

However, published on Thursday, U.S. data surpassed expectations: The number of applications for unemployment benefits last week fell more than analysts expected, and retail sales in May rose 0.6 percent, with growth forecast at 0.4 percent.

Published in Friday's economic data have been mixed. Thus, the producer price index rose in May by 0.5% m / m increase in forecasts only 0.1% m / m after a contraction of 0.7% m / m the previous month. The volume of industrial production for May showed zero change, but is expected to increase by 0.2% after falling 0.5% the month before. Consumer confidence in the University of Michigan in June amounted, according to preliminary data, 82.7 points, with forecasts of its conservation at the level of 84.5 points in May.

Physical demand in China and India - on the largest gold markets - down from the peak levels of April. The Government of India in an attempt to reduce the trade deficit increased by one-third the import duty on gold, resulting in the import of precious metals in the second half of May fell to $ 36 million from $ 135 million in the first half of the month, said Thursday the Finance Minister of India.

Futures in Shanghai on Friday, fell 0.4 percent after a 1.5 percent drop on Thursday. Stocks of the world's largest exchange-traded fund backed by gold (ETF) SPDR Gold Trust on Thursday fell by 0.63 percent to 1.003,53 tons - the lowest level since February 2009.

The cost of the August gold futures on COMEX today kept within the range of 1377.8 - 1391.6 per ounce.

EUR/USD $1.3200, $1.3250

USD/JPY Y95.80, Y96.00,Y95.00

GBP/USD $1.5615, $1.5640, $1.5975

EUR/CHF Chf1.2475

AUD/USD $0.9500, $0.9700

NSD/USD $0.7940

USD/SEK Sek6.6015

Upgrades:

Downgrades:

DuPont (DD) downgraded from Buy to Neutral at BofA/Merrill

Other:

Data

09:00 Eurozone Employment Change Quarter I -0.3% -0.2% -0.5%

09:00 Eurozone Harmonized CPI May -0.1% +0.1% +0.1%

09:00 Eurozone Harmonized CPI, Y/Y (Finally) May +1.4% +1.4% +1.4%

09:00 Eurozone Harmonized CPI ex EFAT, Y/Y May +1.2% +1.2% +1.2%

09:50 United Kingdom MPC Member McCafferty Speaks

Euro fell against the dollar, which in part helped by data evrozone.Soglasno report, annualized inflation rate, which is calculated in accordance with the harmonized index of consumer prices rose in May by 1.4%, compared with 1.2% in April, which was in line with preliminary estimates and forecasts of experts. We also recall that in March inflation rate was 1.7%.

The data showed that at the head of the inflation stood increase in the cost of fruit, vegetables and electricity. Meanwhile, we note that the largest contribution to the decrease was recorded by the price of fuel for transport, telecommunications and health care.

On a monthly basis, the harmonized index of consumer prices rose 0.1% in May, which was also in line with the preliminary estimates and forecasts of experts.

The statistical agency also reported that inflation in the European Union (EU) in May was 1.6% per annum, compared to 1.4% per annum, recorded in April. In monthly terms, inflation in these countries increased by 0.1%.

The lowest rates were observed in Greece, Latvia and Cyprus, while in Romania, Estonia and the Netherlands recorded the highest rate.

In addition, we note that core inflation in the currency bloc, excluding energy, food, alcohol and tobacco rose in May to 1.2% from 1% in April. The result corresponded to preliminary estimates.

The cost of the U.S. dollar was higher against the pound, which was associated with the expectations of the output of U.S. CPI data. It should be noted that inflationary pressures have eased over the past year. The index of producer prices fell in April by 0.7%, resulting in an annual rate of wholesale inflation fell to 0.6%. At the head of this slowdown stood fall in energy prices, which fell in April by 2.1%. Excluding food and energy, prices rose only slightly in recent months and by 1.7 percent from April of last year. Add that energy prices have stabilized over the past month, and price pressures remain subdued. Recent data on the purchasing managers' index for May showed that the price components or weakened or remained almost unchanged. Meanwhile, it is worth noting that commodity prices have continued to decline in May.

The yen rose against the dollar after the publication of the minutes of the Bank of Japan. It should be noted that the members of the Board of the Bank of Japan monetary policy saw signs that the Japanese economy is finally beginning to move in the direction of growth. On the issue of termination of deflation that has plagued Japan for more than 15 years, some of the board members have admitted that it may be difficult to reach a new target for CPI at 2 percent.

The protocol also states that the Japanese economy began to recover. The volume of exports had ceased to decline, as foreign economies are trying to get out of the deceleration phase, which continues from last year, and gradually coming to an end.

Recall that at its last meeting, the Bank of Japan left unchanged the interest rate level - at the level of 0-0,10 percent. He also agreed to carry out operations in the money market, which will help expand the monetary base in annual terms by about 60 - 70 trillion yen. In addition, the Bank of Japan said it would continue to buy Japanese government bonds, so that the amount of debt will increase by an annual rate of up to 50 trillion. yen. that corresponds to the plan. Purchases of government bonds, are expected to put downward pressure on interest rates across the yield curve.

Meanwhile, it is worth noting that one of the members of the committee said the bank should limit its mitigation measures to two years in order to avoid financial imbalances that may arise as a result of stimulation. In addition, members of the committee warned, however, that remains considerable uncertainty and downside risks to the economy - in particular, from abroad.

EUR / USD: during the European session, the pair fell to $ 1.3302

GBP / USD: during the European session, the pair fell to $ 1.5613

USD / JPY: during the European session, the pair is trading in the range of Y94.67-Y95.38

At 12:30 GMT Canada will announce the change in our manufacturing sales for April. Also this time, the U.S. producer price index will be released and the producer price index excluding prices for food and energy for May, as well as data on the balance of the current account of balance of payments for the 1st quarter. At 13:15 GMT the U.S. will release the capacity utilization rate in May, and will announce the change in the volume of industrial production in May. At 13:55 GMT the U.S. consumer sentiment index will be released from the University of Michigan in June.

EUR/USD

Offers $1.3450/60, $1.3430/35, $1.3420, $1.3400, $1.3390

Bids $1.3300, $1.3279, $1.3250, $1.3232

GBP/USD

Offers $1.5840/50, $1.5800/10, $1.5750/60, $1.5737, $1.5718

Bids $1.5616/00, $1.5585/80, $1.5570, $1.5550, $1.5530/20

AUD/USD

Offers $0.9720, $0.9700, $0.9680, $0.9650, $0.9621

Bids $0.9550, $0.9535, $0.9500, $0.9460/50

EUR/JPY

Offers Y128.45/50, Y128.00, Y127.50, Y127.20/30, Y126.95/00

Bids Y126.25/20, Y126.05/00, Y125.80, Y125.50, Y125.30, Y125.00

EUR/GBP

Offers stg0.8595/600, stg0.8575/80, stg0.8560/65, stg0.8551, stg0.8535

Bids stg0.8476, stg0.8465/60, stg0.8445/40, stg0.8420

USD/JPY

Offers Y96.90/00, Y96.50, Y96.20, Y95.95/00, Y95.40/50

Bids Y94.70/65, Y94.30/20, Y94.00, Y93.80/75

European stocks were little changed, with the Stoxx Europe 600 Index heading for its fourth weekly decline, as investors watched U.S. economic data and the Federal Reserve's stance on stimulus policy. U.S. index futures fell, while Asian shares rallied.

The Stoxx 600 climbed less than 0.1 percent to 290.65 at 11:07 a.m. in London, before a report that may show U.S. industrial production increased in May. The equity benchmark has dropped 1.6 percent this week, for the longest stretch of weekly losses in 14 months. It has retreated 6.4 percent since May 22, when Federal Reserve Chairman Ben S. Bernanke said the central bank may pare stimulus if the U.S. economy improves sustainably.

U.S. industrial production probably rose 0.2 percent in May, following a 0.5 decrease in the previous month, according to the median estimate of economists.

The Thomson Reuters/University of Michigan index of consumer sentiment this month held at 84.5, its highest level since July 2007, economists predicted before a preliminary report.

Hochtief gained 5.6 percent to 51.61 euros, the biggest increase since May 7. The Essen, Germany-based company controlled by Spain's Actividades de Construccion & Servicios SA, plans to buy as many as 4.3 million shares, representing about 5.6 percent of its capital.

Great Portland Estates rose 4.4 percent to 550.5 pence, its biggest increase since January 2012. UBS raised its rating on the stock to buy from neutral, citing recent declines. Today's gain reversed a weekly drop, which would have been the fourth consecutive week of losses.

Michelin and Pirelli & C. SpA, advanced 3.2 percent 68.66 euros and 2.6 percent to 9.21 euros, respectively. Passenger tire demand in Brazil surged 20 percent in May from a year earlier for original equipment and 15 percent in the replacement market, Michelin said on its website

FTSE 100 6,311.02 +6.39 +0.10%

CAC 40 3,805.17 +7.19 +0.19%

DAX 8,129.02 +33.63 +0.42%

EUR/USD $1.3200, $1.3275, $1.3300, $1.3370, $1.3400

USD/JPY Y93.50, Y94.50, Y95.00, Y95.50, Y96.00, Y96.40, Y97.00

EUR/JPY Y128.50

GBP/USD $1.5640 $1.5700

USD/CHF Chf0.9250, Chf0.9275, Chf0.9300

AUD/USD $0.94.50, $0.9465, $0.9500, $0.9600

USD/CАD C$1.0110, C$1.0150

Asian stocks climbed, after the regional benchmark index yesterday erased this year's gain, as U.S. economic data beat estimates and concern eased that the Federal Reserve will reduce record stimulus.

Nikkei 225 12,686.52 +241.14 +1.94%

Hang Seng 21,028.74 +141.70 +0.68%

S&P/ASX 200 4,791.8 +96.04 +2.05%

Shanghai Composite 2,162.04 +13.69 +0.64%

Nissan Motor Co., the country's second-largest carmaker, added 0.7 percent.

Kawasaki Heavy Industries Ltd., the nation's No. 2 maker of heavy equipment, climbed 4.3 percent after removing its president and ending merger talks with Mitsui Engineering & Shipbuilding Co.

---

The yen climbed as Prime Minister Shinzo Abe's cabinet approved a growth plan announced this month. It's poised for a fourth-straight week of gains versus the dollar, the longest since July 2012. The Bank of Japan said higher bond yields were due to rising stocks and a falling yen, according to minutes of its May meeting released today.

Euro buying may be boosted before the ZEW Center for European Economic Research in Mannheim gives the latest reading of its index of investor and analyst expectations in Germany. The gauge rose to 37 from 36.4 in May, according to a Bloomberg News survey. The report, due next week, aims to predict economic developments six months in advance.

Industrial production in the U.S. probably rose 0.2 percent last month, a Fed report today is predicted to show, following a 0.5 percent decline the previous month.

U.S. equities rose yesterday on better-than-forecast economic figures. Data showed U.S. retail sales rose 0.6 percent in May, exceeding the median economist forecast in a Bloomberg survey. The increase was the biggest in three months and followed a 0.1 percent gain in April.

EUR / USD: during the Asian session the pair fell below $ 1.3350

GBP / USD: during the Asian session the pair fell below $ 1.5700

USD / JPY: during the Asian session the pair fell to Y94.40

There is a full calendar of economic data on both sides of the Atlantic Friday, but little in the way of scheduled central bank appearances. Early data sees the release of the May Bank of France retail survey. At 0730GMT, the Spanish first quarter labour cost survey numbers are set for release. There is little UK data scheduled, although the April construction output numbers will cross the wires at 0830GMT. Eurozone data fro release at 0900GMT includes the May final HICP numbers and the first quarter employment numbers. Eurozone CPI is seen up 0.1% on month, up 1.4% on year, with core CPI higher by 1.2%. At 0930GMT, the German government is schedule to give a regular press briefing, while at 1230GMT, German Finance Minister Wolfgang Schaeuble will attend a German-Franco-Italian finance and labour ministers meeting.

Change % Change Last

GOLD 1,383.30 -8.50 -0.61%

OIL (WTI) 96.64 0.76 0.79%

Nikkei 225 12,445.38 -843,94 -6,35%

Hang Seng 20,811.94 -542,72 -2,54%

S & P / ASX 200 4,695.8 -28,65 -0,61%

Shanghai Composite -2,83 -62,54 2,148.36%

FTSE 100 6,304.63 +5.18 +0.08%

CAC 40 3,797.98 +4.28 +0.11%

DAX 8,095.39 -47.88 -0.59%

DJIA 15,176.10 180.85 1.21%

S&P 500 1,636.38 23.86 1.48%

NASDAQ 3,445.36 44.93 1.32%

09:00 Eurozone Employment Change Quarter I -0.3% -0.2%

09:00 Eurozone Harmonized CPI May -0.1% +0.1%

09:00 Eurozone Harmonized CPI, Y/Y (Finally) May +1.4% +1.4%

09:00 Eurozone Harmonized CPI ex EFAT, Y/Y May +1.2% +1.2%

09:50 United Kingdom MPC Member McCafferty Speaks

12:30 Canada Manufacturing Shipments (MoM) April -0.3% +0.1%

12:30 U.S. PPI, m/m May -0.7% +0.1%

12:30 U.S. PPI, y/y May +0.6% +1.4%

12:30 U.S. PPI excluding food and energy, m/m May +0.1% +0.1%

12:30 U.S. PPI excluding food and energy, Y/Y May +1.7% +1.7%

12:30 U.S. Current cccount, bln Quarter I -110.4 -111.0

13:15 U.S. Industrial Production (MoM) May -0.5% +0.3%

13:15 U.S. Capacity Utilization May 77.8% 77.9%

13:55 U.S. Reuters/Michigan Consumer Sentiment Index (Preliminary) June 84.5 84.9