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Overview of the main economical events of the current day - 06/11/2013
UK Services PMI Reached 16-Year High
The US dollar was traded differently on Tuesday amid Services PMI growth – it grew against the euro, Swiss franc and Canadian dollar; weakened Vs the pound and New Zealand dollar; almost didn’t change Vs yen and Australian dollar. The pound strengthened on the back of Services PMI growth up to 16-year high, the euro weakened amid negative statistics. Australian dollar fell after RBA said a lower exchange rate will likely be needed to rebalance the mining-dependent economy but then it recovered its losses. New Zealand dollar continued getting support from RBNZ statement about keeping its inclination to tough policy.
The dollar strengthened after ISM data that showed Non-Manufacturing PMI growth. ISM Non-Manufacturing PMI rose to 55.4 p. in October from 54.4 p. in September while its decrease was expected. Most of all grew Employment Index, Business Activity Index and Imports – while new orders and prices fell. The data show that the government shutdown didn’t have so strong influence on economy. IBD/TIPP Economic Optimism also grew in November to 41.4 p. compared with 38.4 p. in September having exceeded the expected growth.
The pound rose considerably amid UK Services PMI growth that reached the highest level since May, 1997 – which is a sign of strengthened economic recovery at the beginning of the 4th quarter. Services PMI rose to 62.5 p. in October from 60.3 p. in September while its decrease was expected. According to preliminary data GDP for the third quarter will show the highest growth rate for three years. Economic growth has been going on since January.
European commission raised its forecast of British GDP for the current year up to 1.3% from 0.6%, for the next year – to 2.2% from 1.7%. CBI that represents the interests of 240 thousand British enterprises improved the forecasts for British economy in 2013 to 1.4% against prior forecast +1.2%. Growth forecasts for the nearest two years are also raised. Recovery which started in service sector spread to industrial production and construction and looks larger – said CBI CEO.
The euro was traded downwards. Euro-zone Producer Price Index at an annual rate showed the fastest decrease rate in September since January, 2010. Producer Price Index fell by 0.9% compared with the same month last year while a decrease by 0.8% was forecasted. Spanish Unemployment Change increased by 87 thousand in October in comparison with the prior month having exceeded the expectations of growth by 31 thousand. The euro was negatively affected by European commission GDP growth estimate in 2014 that worsened to 1.1% from 1.2% and also increase of unemployment forecast to 12.2% from 12.1%. The forecast for 2013 about the economic decrease by 0.4% and unemployment rate of 12.2% stayed unchanged.
Australian dollar fell after the meeting of the Reserve Bank of Australia where the rate was kept unchanged as assumed. However, RBA governor Glenn Stevens said that Australian currency rate was still uncomfortably high and a lower level of AUD rate is likely to be needed to achieve balanced growth in the economy. The economy is likely to stay below trend and unemployment rate will rise – said Stevens.
Despite strengthened consumer and business confidence, consumer spending of Australia is still moderate and labour market is weak. However, RBA statement about a high rate of the national currency didn’t impress significantly market participants and AUD recovered all its losses. Amid improving Asian data and coming end of the year – reduction of short positions can help AUD to continue recovering.
By MasterForex Company
Overview of the main economical events of the current day - 07/11/2013
Dollar Started Weakening Anticipating GDP and U.S. Non-Farm Payrolls
The US dollar was traded downwards on Wednesday Vs most major currencies except yen – in anticipation of statistics on the US economic state. The pound grew on the back of the UK positive industrial output data; and the euro – amid euro-zone Final Services PMI and German Factory Orders. New Zealand dollar continued growing amid a positive labour market report and Australian dollar strengthened after trade balance data. Canadian dollar rose amid PMI growth and the yen weakened amid Japanese stock market growth.
Later this week there will be a publication of important statistics data on the US economic state: on Thursday GDP for the third quarter will be released (a growth by 2% after 2.5% growth in the second quarter is expected), and on Friday – Employment Change growth for October (+125 thousand are expected) and Unemployment rate (a growth by 0.1% to 7.3% is expected). On Wednesday there were no significant statistics data. CB Leading Index grew by 0.7% in September having exceeded the expectations a little.
The euro rose on Wednesday amid positive statistics. Final Services PMI amounted to 51.6 p. in October having exceeded preliminary estimates of 50.9 p. though it turned out lower than 52.2 p. in September. In Spain, France and Germany the index turned out better than expected – and only in Italy it turned out worse than forecasted. Final PMI Composite reached 51.9 p. in October also having exceeded preliminary estimates. German Factory Orders rose by 3.3% m/m in September exceeding the expected growth by 0.5% considerably. At the same time euro-zone retail sales for September fell more than forecasted – by 0.6% while a decrease by 0.4% was expected.
The pound continued rising on the back of UK industrial output which grew more than forecasted in September. Industrial output grew by 0.9% Vs prior month and manufacturing industry – by 1.2% having exceeded expected growth by 0.6% and 1.1% respectively. The UK housing prices growth, according to Halifax, grew by 0.7% in October, with annual growth 8.1%.
New Zealand dollar rose on Wednesday almost to 2-week high Vs dollar after the release of New Zealand labour market strong data. Employment Change in the third quarter rose by 1.2% in comparison with the prior quarter having significantly exceeded expected growth by 0.5%. Employment change growth has been going on for three quarters. Unemployment rate decreased to 6.2% Vs 6.4% prior quarter. Participation Rate increased to 68.6% against 68.1% in the second quarter.
Australian dollar also strengthened after Australian trade balance release. Trade deficit decreased to 284 million AUD in September while a large deficit of 500 million was expected. Canadian dollar rose amid PMI growth to 5-month high. In Canada Ivey PMI rose to 62.8 p. in October Vs expected growth only to 52 p. At the same time Building Permits in Canada grew less than expected.
By MasterForex Company
Overview of the main economical events of the current day - 08/11/2013
ECB Unexpectedly Lowered Key Interest Rate
The US dollar rose on Thursday Vs most major currencies except yen – after the release of stronger than expected GDP growth data. The euro dropped after the ECB had lowered key interest rate unexpectedly. The pound had almost no reaction to the Bank of England meeting results where the policy was kept unchanged. Australian dollar fell after a weak labour market report. The yen grew amid a considerable stock market fall.
Advance GDP for the third quarter showed that the US Gross Domestic Product (Annualized) accelerated to 2.8% from 2.5% in the second quarter – while a growth only to 2% was expected. The main growth factor was a change in private inventories which increase added 0.8% to GDP growth. At the same time Personal Consumption and companies’ investment slowed down. Personal Consumption which accounts for 70% of GDP grew by 1.5% having shown the smallest growth since 2011. Goldman Sachs decreased its forecast on the US GDP growth in the fourth quarter from 2.0% to 1.5%.
The euro slumped almost to 8-week low Vs dollar after a sudden decision of the ECB to lower the key interest rate by 0.25% to the record low of 0.25%. This decision was forecasted by only three of 70 economists polled by Bloomberg. ECB governor Mario Draghi expressed concerns during a press conference that low inflation in the currency block would be kept for a long period and again confirmed a promise made earlier to keep key interest rate at a low level.
Draghi said that interest rates may be lowered in future and the ECB technically is ready to lower deposit rate which is at zero level now in spite of the fact that the central bank didn’t change the rate on Thursday. German data also turned out worse than expected – industrial output fell by 0.9% in September while no changes were expected. At the end of the day the euro partially recovered its losses.
The pound had almost no reaction to the BoE meeting results, where the policy was kept unchanged, and by the end of the day it almost hadn’t changed. Next week on Wednesday Bank of England governor Carney will introduce BOE Inflation Report. The yen fell to 1.5-month low Vs the dollar but then rose amid a considerable decrease of stock markets. S&P 500 showed the lowest decrease for 2 months.
Australian dollar fell after a weak labour market report. According to Australian Bureau of Statistics, Employment Change rose by 1.1 thousand in October which turned out significantly less than the expected growth by 10 thousand. The growth was caused mainly by Part Time Employment Change – while Full Time Employment Change decreased by 27.9 thousand. Unemployment rate in October stayed at the revised upwards September level 5.7%. At the same time AIG Construction Index in October rose higher 50 – up to 54.4 for the first time in three years.
By MasterForex Company
Overview of the main economical events of the current day - 11/11/2013
The Main Events of the Week
The US dollar rose on Friday against all major currencies after positive Non-Farm Payrolls that showed acceleration of new jobs creation in October. According to the Labor Department Non-Farm Employment Change grew by 204 thousand while a growth only by 125 thousand was forecasted. The data showed that government shutdown in October didn’t influence the economy, which raised the probability of an earlier QE tapering.
Besides, two prior months data were revised upwards – total revision was +60 thousand. An average employment growth for the last three months is more than 200 thousand now corresponding to a strong growth of the beginning of this year. Unemployment rate grew up to 7.3% from September level 7.2% as expected. At the same time the US preliminary consumer sentiment fell in November to its low of 72 p. for almost 2 years from 73.2 p. prior month while its growth was expected.
By the end of the week the dollar had risen by 0.55% according to the dollar index showing a growth for two weeks and getting support after US strong GDP and Non-Farm Payrolls data. Most of all the dollar rose against the Swiss franc (+1.11%) and euro (+0.93%) amid unexpected ECB rate decrease. A smaller growth was shown Vs Australian dollar (+0.61%), Canadian dollar (+0.57%), Japanese yen (+0.48%) and New Zealand dollar (+0.25%). The dollar fell only against the British pound (-0.55%).
Monday is a day-off in the USA and Canada. On Tuesday Chicago Fed National Activity Index will be released. On Wednesday - Federal Budget Balance, on Thursday – Trade Balance and on Friday - Empire State Manufacturing Index, import prices and industrial output. On Thursday Fed governor Bernanke will make a speech about 100-anniversary of the Fed and there will be a hearing on the nomination of Janet Yellen for Federal Reserve chair. From Tuesday to Thursday the U.S. Treasury Department will sell long-term bonds and at the end of the week earnings season of American companies for the third quarter will be over.
The main event of the week in the euro-zone may be publication of preliminary GDP for the third quarter of major countries and the whole euro-zone on Thursday. Euro-zone economic growth is expected to continue at a slower rate than in the second quarter and will account for 0.1% q/q. The growth is likely to slow down significantly in Germany and France – Spain, on the contrary, will return to a moderate growth. On Wednesday in the euro-zone there will be industrial output data and on Friday – the Final Consumer Price Index.
In the UK there will be a release of Producer and Consumer Price Index, and on Thursday – Retail Sales. But the most important day may be Wednesday when a labour market report will be released and a little later the BoE will publish Inflation Report, and BoE governor will make a speech about new forecasts on unemployment, GDP and inflation. The labour market report is expected to show unemployment decrease, which may strengthen the expectations of an earlier rate increase by the Bank of England.
In Australia there will be a release of NAB Business Confidence and on Wednesday - Westpac Consumer Sentiment. In New Zealand on Wednesday RBNZ Financial Stability Report will be released and RBNZ governor Wheeler will make a speech before the Parliament; on Thursday there will be a retail sales report. Japanese GDP preliminary data for the third quarter will be published on Thursday. In Canada Trade Balance and New Housing Prices will be released on Thursday and on Friday - Manufacturing Sales.
By MasterForex Company
Overview of the main economical events of the current day - 12/11/2013
The Week Started Quietly: Euro Is Recovering
The US dollar fell against the euro and changed a little Vs other currencies at low-active trading on Monday amid no significant macrostatistics and day-offs in the USA, Canada and France. The U.S. state institutions were closed due to Veterans Day, debt market didn’t work but the trades at the stock market were held.
The euro rose Vs dollar on Monday partially recovering its losses after last week’s two-day significant fall which was caused by ECB rate decrease and strong U.S. Non-Farm Payrolls. On Sunday evening the coalition government of Greece managed to get the support of Parliament despite a vote of no confidence from the main opposition party.
Italian industrial output rose by 0.2% in September against prior month while a growth by 0.3% was expected. At the same time industrial output fell less than expected at an annual rate – by 3% while a drop by 3.6% was forecasted.
Australian dollar was traded downwards amid New Yuan Loans decrease. Chinese banks approved loans of 506 billion Yuan in October Vs 787 billion Yuan in September, which turned out less than expected 580 billion. October reading became the lowest for the whole current year. Chinese central bank took a tough line to restrain a quick lending growth and rising inflation.
At the same time Australian Home Loans in September rose more than expected – by 4.4% m/m while a growth by 3.5% was forecasted. On Friday Bank of Australia lowered its economic growth forecasts and left an opportunity for further interest rates decrease.
Chinese statistics released last Saturday showed that industrial output grew by 10.3% in October Vs last year, which is slightly more than 10.2% in September and higher than expected 10%. Chinese inflation accelerated last month up to 3.2% at an annual rate – the highest level for 8 months.
At the same time inflation turned out less than expected 3.2% and still is lower the target level of 3.5% fixed by Chinese Communist party for the current year – which lowers the probability of financial conditions tightening in China. On Tuesday the four-day Third Plenary Session of the 18th Congress of the Communist Party of China (CPC) Central Committee will be over and economic stimulus plan is expected to be prepared.
New Zealand dollar almost didn’t change on Monday amid positive statistics. Electronic Card Retail Sales in New Zealand grew by 1.4% in October having exceeded expected growth by 1.3%. At an annual rate the growth accounted for 7%. Finance Minister of New Zealand said that a good momentum is generated in the economy and New Zealand is on the way to budget surplus in 2014-15 fiscal year.
By MasterForex Company
Overview of the main economical events of the current day - 13/11/2013
The Pound Dropped After a Weak CPI
The US dollar grew on Tuesday Vs most major currencies but fell Vs the euro which continued recovering. The pound fell after a weak CPI. Australian dollar continued falling amid Australian Business Confidence decrease. Japanese yen weakened amid Japanese stock market growth.
Chicago Fed National Activity Index rose in September slightly less than expected – to 0.14 p. against expected growth to 0.15 p. NFIB Small Business Index fell from 93.3 p. in October to 91.6 p., the lowest reading for 7 months. Meanwhile, FOMC member Lockhart said on Tuesday that QE tapering was quite possible to start in December.
The euro continued growing for the second day. German Consumer Price Index dropped in October to the lowest level since April having confirmed preliminary estimates. ECB member Asmussen said on Tuesday that further actions towards interest rates were possible and they would depend on inflation – and he didn’t exclude the probability of deposit rate decrease that is at zero level now.
The pound dropped to 2-month low Vs the dollar after a weak CPI which annual rates reached almost 4-year low but then the pound recovered some losses. Annualized inflation slowed down in October to 2.2% from 2.7% on September – while its growth by 2.5% was expected. Core inflation grew by 1.7% against expected growth by 2%. Retail price inflation decreased to 2.6% y/y from 3.2% in September. RICS House Price Balance grew to 57 in October, the highest level since June, 2002 but turned out slightly worse than expected.
According to BNP Paribas a sharp fall of the pound after the publication of inflation data is a possibility to buy this currency before the release of BoE Inflation Report on Wednesday. This report may indicate some inclination of the central bank to tough monetary policy. The most important part of the report will be possible terms of reaching unemployment threshold of 7% which may be revised from the second quarter of 2016 to the fourth quarter of 2015.
Japanese yen fell to 2-month low Vs dollar amid Japanese stock market growth. Nikkei 225 rocketed by 2.2% up to almost 2-week high. Australian dollar continued falling amid Australian Business Confidence fall. NAB Business Confidence decreased from 2.5-year high of +12 points in September to +5 in October. NAB Business Conditions didn’t change in October but stayed at low -4 p.
New Zealand dollar fell after RBNZ Financial Stability Report. RBNZ governor Wheeler said that misbalances of housing market are the main threat for the financial system. The terms and volumes of interest rates increase are not determined and NZD rate is still overvalued.
By MasterForex Company
Overview of the main economical events of the current day - 14/11/2013
The Pound Was in the Center of Attention on Wednesday
The dollar fell on Wednesday Vs most major currencies amid no significant macrostatistics in the USA and before Fed Chairperson-Designate Yellen testifies on monetary policy before the Senate Banking Committee on Thursday. But the spotlight of Wednesday was the pound due to labour market and inflation report. The euro continued growing for the third day despite weak industrial output data in the euro-zone. Australian dollar grew after four days of decrease amid consumer confidence growth.
The dollar dropped even more at the end of the day after the publication of Yellen’s speech before the Senate. Janet Yellen made it clear that the Fed must support the economy by stimulus measures. Economic recovery support today is the best way for the Fed to return to normal policy and the Fed has a lot of to do to strengthen financial system – she said.
The pound grew considerably on Wednesday after the publication of positive unemployment forecast and following BOE Inflation Report. Claimant Count Change fell by 41.7 thousand in October although its decrease only by 30 thousand was expected. ILO Unemployment Rate fell from 7.7% in August to 7.6% in September, the lowest reading for more than four years. Claimant Count Rate in October fell to its low 3.9% since January 2009 compared with 4% in September.
In its Inflation Report the Bank of England signaled of a possible early interest rate increase. Key unemployment rate 7%, after which the first increase of interest rates may be made, may be reached with 50% probability by the third quarter of 2015, not by the second quarter of 2016 as it was considered before. GDP growth forecast for 2014 was raised from 2.5% to 2.8%. In the fourth quarter of the current year the GDP will rise by 0.9% after the growth by 0.8% in the third quarter.
The euro was traded downwards at the beginning of the day amid euro-zone weak industrial output data and it fell after ECB's Praet’s statements – but then recovered its losses and even grew. Euro-zone industrial output fell in September more than forecasted – by 0.5% while a decrease by 0.3% was expected. ECB's Praet said that negative deposit rate and asset purchases are potential options if needed to stimulate economy and ensure economic growth.
Australian dollar rose on Wednesday for the first time after 4-day decrease amid consumer confidence growth. Westpac Consumer Confidence Index rose by 1.9% in November after the decrease by 2.1% in October. Compared with last November the index rose by 5.8%.
By MasterForex Company
Overview of the main economical events of the current day - 15/11/2013
The Dollar Stopped Falling
The US dollar suspended falling on Thursday as Yellen’s speech had no surprises. The dollar dropped Vs the pound but grew Vs the yen, euro and Australian dollar. The euro stopped 3-day growth amid economic growth rate slowdown in the third quarter. The pound grew despite a weak retail sales report. The yen fell amid weak economic growth data of Japan for the third quarter.
Making speech before the Senate, Fed Chairperson-Designate Yellen said that there would be no considerable changes in the central bank’s policy if she became the next chair. The Fed will continue soft monetary policy as it is necessary for American economic recovery and employment growth. It is important to keep the support especially within the terms of still fragile recovery, she said. Morgan Stanley governor said that QE tapering could be expected within the nearest two months.
The US Unemployment Claims fell by 2 thousand last week to 339 thousand as it was expected to fall by 11 thousand to 330 thousand. The indicator has been falling for five weeks in a row. Four week average of Unemployment Claims fell to 344 thousand from 348.5 thousand. The US Trade deficit increased by 8% in September up to its high since May - $41.8 billion, while a decrease to $39 billion was forecasted.
The euro slowed down its 3-day growth and slightly dropped after the euro-zone first estimate GDP for the third quarter. European economy grew by 0.1%, which met most forecasts. German GDP rose by 0.3% q/q and in Italy it fell by 0.1% which met the expectations. At the same time French GDP fell unexpectedly in the third quarter by 0.1% although no changes were expected.
The pound ignored a weak retail sales report and rose for the second day. The UK retail sales decreased by 0.7% in October while no changes were expected. New Zeeland retail sales for the third quarter also turned out worse than expected – they rose only by 0.3% q/q while a growth by 0.9% was expected. New Zealand dollar was traded downwards but by the end of the day it recovered its loss. NZD was supported by Manufacturing Index growth data in October during 11 consequent months - Business NZ Manufacturing Index rose from 54.2 p. to 55.7 p.
USDJPY reached the level of 100 yen for the first time since September 11. The yen continues weakening amid the growth of Japanese stock market which has been rising for five days in a row – Nikkei rose on Thursday by 2.1% and Nikkei futures reached almost 6-month high. Japanese GDP for the third quarter turned out slightly better than expected (+0.4% q/q). Economic growth rate slowed down to 0.5% q/q from 0.9% prior quarter – Japanese economy has been decreasing for the second quarter in a row as weak personal consumption and the slowdown of exports growth rate exceeded strengthening of real estate investment. Goldman Sachs forecasts that the Bank of Japan will take extra stimulus measures in the second quarter of 2014 – just after the Fed will announce QE3tapering, which may become an accelerator in USDJPY rally.
Australian dollar was traded downwards amid Consumer Inflation Expectation decrease in November from 2% to 1.9%. Canadian dollar slightly fell – New Housing Prices in September turned out worse than expected while Canadian Trade Deficit fell considerably having exceeded the forecasts.
By MasterForex Company
Overview of the main economical events of the current day - 18/11/2013
The Main Events of the Week
The US dollar fell on Friday against all major currencies after negative statistics that showed the decrease of the US Industrial Output and Empire State Manufacturing Index. Industrial Output dropped by 0.1% in October while its growth by 0.2% was expected. Industrial output fell in the USA for the first time for the last six months.
Capacity Utilization Rate decreased by 0.2% to 78.1%. Meanwhile, processing industry (3/4 of all industrial output) rose by 0.3% having exceeded the expected growth by 0.2%. The US import prices fell in October at the fastest rate for almost a year by 0.7% m/m having exceeded the expected decrease by 0.5%.
Empire State Manufacturing Index slumped in November to minus 2.21 p. from 1.52 p. last month while a growth to 5 p. was expected. The index fell to its low for 10 months and for the first time in six months dropped below zero – the level that indicates index decline. New Orders and Shipments fell significantly as well as Employment Index. This report is the first to be released among production reports of regional banks and it is used to forecast manufacturing index in all country which is usually released at the beginning of the next month.
By the end of the week the dollar fell by 0.55% according to the dollar index leveling the same growth last week. The dollar slumped Vs all currencies except yen and Australian dollar and was put under pressure amid aroused expectations that the Fed new chair Janet Yellen will continue soft monetary policy after she enters upon the office at the beginning of the next year.
This week there will be rather a lot of US data including delayed data due to government shutdown. Fed Chairman Bernanke is due to speak at the National Economists Club on November 20 at 00:00 GMT. On Monday Treasury International Capital Flows and NAHB Housing Market Index will be released; on Tuesday - Employment Cost Index, on Wednesday – consumer Price Index, Retail Sales, Existing Home Sales and FOMC Meeting Minutes; on Thursday – Producer Price Index and Philadelphia Fed Manufacturing Index; on Friday – Job Openings.
The main events in the euro-zone will be the publication of German ZEW Economic Sentiment on Tuesday and IFO indexes on Friday; besides, preliminary Manufacturing and Non-Manufacturing PMI of France, Germany and the whole euro-zone. ZEW and IFO indexes are expected to grow in Germany as well as euro-zone PMI. On Monday euro-zone Trade Balance and Current Account will be released. In Germany on Tuesday there will be a release of Producer Price Index and on Friday – the Final GDP for the third quarter.
In the UK the BoE Meeting Minutes will be released on Wednesday and on Thursday - Public Sector Net Borrowing and CBI Industrial Order Expectations. In Japan Trade Balance will be released on Wednesday; on Thursday BoJ Interest Rate Decision will be announced. HSBC Flash Manufacturing PMI will be released on Thursday.
On Tuesday Meeting Minutes of the Reserve Bank of Australia will be published; and on Thursday RBA Governor Glenn Stevens is due to deliver a speech titled "The Australian Dollar: Thirty Years of Floating". In New Zealand Producer Price Index report will be released on Wednesday. In Canada Wholesale Sales will be released on Wednesday; and on Friday – inflation and retail sales. Bank of Canada governor Poloz will deliver a speech in the Parliament on Thursday.
By MasterForex Company
Overview of the main economical events of the current day - 19/11/2013
The Dollar Has Been Falling for Two Days
The US dollar was traded downwards on Friday falling for the second day amid almost empty calendar but by the end of the day it had recovered some losses. The dollar was supported by the comments of FOMC member Dudley who was more optimistic about the US economic outlook. Economic growth is significant amid a fiscal drag – he said. The dollar dropped Vs the euro and yen and almost didn’t change Vs the pound and Australian dollar.
NAHB Housing Market Index stayed unchanged in November compared with October – at 54 but the prior month data were lowered by 1 p. The builders are less confident at the housing market than in summer but they believe the sector still has the potential to grow further. Capital flow in September showed that Total Net TIC Flows was negative: -$101.4 billion.
The euro was traded upwards on Monday and by the end of the day it had risen slightly. Bundesbank Published Monthly Report according to which there is a good possibility that economic growth in Germany will continue next months. Euro-zone trade surplus grew to 13.1 billion euro in September against 6.9 billion in August.
At the same time, euro-zone current account surplus dropped in September after the growth in August. ECB Governing Council member Ewald Nowotny said that the improvement of the euro-zone economic situation turned out not so significant as the ECB considered it some time before.
The pound almost hadn’t changed by the end of the day amid the lack of significant macrostatistics. According to the results of a half year poll of financial organizations that was published by the Bank of England – confidence in the UK financial system grew to its high for more than five years. The yen grew and the dollar fell again on Monday below the level of 100 yen amid negative dynamics of the Japanese stock market after it had reached almost 6-month high.
Australian dollar strengthened to 6-day high amid the news from China where they announced the details of the reforms approved earlier at the Plenary Session – but at the end of the day it lost its growth. Chinese leaders promised to expand the possibilities of private investment, to raise the rivalry on the market and accomplish other economic growth stimulus measures.
Canadian dollar strengthened on Monday amid the growth of Foreign Securities Purchases which rose to 8.4 billion Canadian dollars in September and focused on Canadian shares. Foreign Securities Purchases became the highest for five months. Canadian investors decreased Investment in Foreign Securities by 1.5 billion dollars in September including shares and bonds.
By MasterForex Company