Forex News (from InstaForex) - page 26
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European Economics Preview: Swiss National Bank Rate Decision Due
The interest rate decision from the Swiss National Bank is the major event that is set to dominate the scene on Thursday.
The State Secretariat for Economic Affairs is set to publish Swiss quarterly economic forecasts. In the previous forecast, it said the gross domestic product will grow 0.5 percent in 2012.
At 3.00 am ET, the European Automobile Manufacturers' Association is scheduled to issue new car registrations for February. In January, European car registrations declined 7.1 percent.
Czech producer prices and retail sales are due at 4.00 am ET. Producer price inflation is seen slowing to 3.9 percent in February from 4.1 percent in January. Retail sales are forecast to rise 0.7 percent in January after climbing 1.6 percent in December.
At 4.30 am ET, the Swiss National Bank is expected to maintain its three-month Libor rate close to zero. At the prior meeting in December, the SNB retained its key rate and left the minimum exchange rate of CHF 1.20 per euro.
The European Central Bank is slated to publish monthly bulletin at 5.00 am ET.
The French government targets to raise a maximum of EUR 8.5 billion from the auction of medium term treasury notes. The results of issue are due at 5.50 am ET. Also, OATi index-linked treasury note auction is due.
Eurostat is scheduled to issue employment data for the fourth quarter at 6.00 am ET. In the third quarter, Eurozone employment fell 0.1 percent sequentially. Labor cost figures are also due in the meantime.
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European Economics Preview: Eurozone Trade Data Due
Foreign trade data from Eurozone is the major news due on Friday, a light day for the European economic news.
At 4 am ET, the Turkish Statistical Institute is expected to publish the February results of the consumer confidence survey. In January, consumer sentiment improved to 92.2 from 92 in December. Spanish labor cost data for the fourth quarter is also due at the 4 am ET.
At 5 am ET, Italian trade data for January is expected. The statistical office Istat said last month that Italy's trade with rest of the world resulted in a surplus of EUR 1.4 billion in December compared to a deficit of EUR 3 billion in the same month of 2010.
The economy slipped in to recession in the fourth quarter with the gross domestic product contracting 0.7 percent quarter-on-quarter during the period after 0.2 percent decline in the third quarter.
At 6 am ET, the Eurostat is slated to publish foreign trade figures for the month of January. Economists forecast the trade surplus to fall to EUR 1 billion from EUR 9.7 billion in December.
Eurozone's merchandise trade surplus posted a surprise increase in December, despite stringent austerity measures weakening demand within the region. The economy suffered a 0.3 percent contraction in the fourth quarter, which was the first since 2009.
Current account data from Italy is also due at 6 am ET.
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European Economics Preview: Eurozone Current Account Data Due
Current account data from the euro area is the only major statistical report due on Monday, headlining a light day for the European economic news.
At 5.00 am ET, the European Central Bank is scheduled to issue current account figures for January. The Eurozone current account surplus totaled EUR 16.3 billion in December.
In the meantime, Italy's industrial order figures are due. Economists forecast industrial orders to fall 3.2 percent month-on-month in January after rising 5.5 percent in December.
At 6.00 am ET, Eurostat is slated to publish Eurozone construction output for January. In December, output increased 0.3 percent on a monthly basis and 7.8 percent from a year ago.
Poland's industrial output and producer prices are due at 9.00 am ET. Industrial production is expected to increase 8.8 percent year-on-year in February, slower than the 9 percent growth in January. Producer price inflation is seen slowing to 6.5 percent annually from 8 percent in January.
France's short-term debt auction is due at 10.00 am ET. The government aims to raise EUR 4 billion from 91-day T-bill auction and a maximum of EUR 1.8 billion from 168-day T-bills. Also, a 350-day bill auction is also due.
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European Economics Preview: UK Inflation Data Due
Inflation data from the UK and industrial production figures from Switzerland are the main European economics news due on Tuesday.
At 3 am ET, Germany's Federal Statistical Office is expected to publish producer price figures for February. Economists forecast a 3.2 percent rise in prices compared to 3.4 percent increase in January. Unemployment figures from Finland is also due at the same time.
Hungarian Central Statistical Office is slated to release the January gross earnings figures at 4 am ET. Swiss industrial production is due at 4.15 am ET. Production is forecast to fall 2 percent year-on-year in the fourth quarter, but is expected to grow 2.6 percent compared to the previous quarter.
At 4.30 am ET, Statistics Netherlands is scheduled to release the consumer confidence data for this month. Confidence index is expected to remain almost unchanged from previous month's level.
At 5.30 am ET, the Office for National Statistics is expected to publish the consumer price index for February. CPI is forecast to rise 3.3 percent, slower than 3.6 percent in the previous month. The core inflation rate is seen easing to 2.3 percent.
At 5 30 am ET, the Spanish Treasury is set to auction 12 and 18 month Treasury Bills. The sale is having a target of EUR 4.5 -5.5 billion.
Elsewhere, Greece is set to auction 13-week T-Bills with maturity June 22. The amount to be raised is EUR 1 billion. The European Financial Stability Facility successfully raised EUR 1.5 billion from its inaugural 20-year bond sale on Monday.
The Confederation of British Industry is slated to release its industrial trends survey for the month of March at 7 am ET. Further, the Polish central bank is expected to announce the core consumer price figures for February at 9 am ET.
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Euro Rises After Greek Parliament Approves New Bailout Deal
The euro advanced against its most major counterparts in early Asian deals on Wednesday after Greek Prime Minister Lucas Papademos won parliamentary approval for a new international bailout.
Reports suggested that Greek Prime Minister Lucas Papademos won approval for a new 130 billion-euro ($172 billion) aid package that will keep the country's possible financial collapse at bay. A total of 213 lawmakers voted today in favor of the legislation and 79 against, reports quoted Acting Parliament Speaker Grigoris Niotis was saying in remarks carried live on state-run Vouli TV.
The euro strengthened to an 8-day high of 0.8362 against the pound and a 12-day high of 1.3270 against the dollar, compared to Tuesday's New York session close of 0.8339 and 1.3223, respectively. The next upside target level for the euro is seen at 0.840 against the pound and 1.330 against the dollar.
Against the yen, the euro climbed to near a 5-month high of 111.01 and if the euro gains further, it may likely target the 111.6 level. At Tuesday's New York session close, the euro-yen pair was quoted at 110.70.
Looking ahead, Japan's all industry activity index for January is due at 12:30 am ET.
Swiss M3 money supply and the U.K. public finance data - both for February and the Bank of England's March meeting minutes are scheduled for release in the European session.
U.K. Chancellor George Osborne will present his Budget to Parliament at 8:30 am ET.
Canada's leading indicators and the U.S. existing home sales - both for February are expected in the New York morning session.
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European Economics Preview: French Business Sentiment Due
Business confidence survey data from France and mortgage approvals from the U.K. are the important reports due on Friday, headlining a light day for the European economic news.
At 3.45 am ET, the French statistical office Insee is scheduled to release business sentiment survey results for March. Business confidence is expected to rise to 93 from 92 a month ago.
Spain's statistical office INE is slated to publish producer price data at 4.00 am ET. Economists forecast producer prices to rise 3.4 percent year-on-year, following January's 3.6 percent increase.
At 5.00 am ET, Italy's retail sales figures are due. Retail sales are expected to fall 0.1 percent on a monthly basis in January after easing 1.1 percent in December. Annually, the decline is seen at 3.4 percent.
Also, the KOF Swiss Economic Institute is scheduled to issue March Economic Forecast. In the meantime, Iceland's wage cost index for February is due.
Turkey's foreign tourist arrival figures for February are also due at 5.00 am ET. Tourist arrivals increased 0.6 percent year-on-year in January.
British Bankers' Association is set to publish February mortgage approvals for February. The number of mortgages approved in February is seen at 37,250 compared to 38,092 a month ago.
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European Economics Preview: German Ifo Business Confidence Data Due
Business confidence from Germany is the major report due on Monday. Also, Germany plans to raise as much as EUR 3 billion from the short-term debt auction.
The Czech Statistical Office is slated to publish business sentiment survey results at 3.00 am ET. In the meantime, Hungary's retail sales figures are due. Economists expect sales to grow 0.1 percent annually in January after rising 1.5 percent in December.
Half an hour later, Dutch producer confidence data for March is due. The index dropped to -1.5 in February from -1.4 in January.
At 4.00 am ET, consumer confidence from Italy and retail sales and unemployment from Poland are due. Economists expect retail sales growth to ease to 9.9 percent in February from 14.3 percent in January. At the same time, the jobless rate is forecast to rise to 13.5 percent from 13.2 percent.
At 5.00 am ET, German Ifo business sentiment is due. Business confidence is forecast to fall slightly to 109.5 in March from 109.6 in February. At the same time, the expectations index is seen improving to 102.7 from 102.3 a month ago.
The German government plans to raise a maximum of EUR 3 billion from the issue of Treasury discount paper or 'Bubills' with a maturity of 12 months. The results of the auction are due at 6.30 am ET.
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European Economics Preview: German GfK Consumer Sentiment Data Due
Consumer confidence survey results from Germany and Distributive Trades data from the U.K. are the major reports due on Tuesday.
At 2.00 am ET, German GfK consumer confidence data is due. The consumer sentiment is expected to remain unchanged at 6 points in April.
In the meantime, the Federal Statistical Office is set to publish German import prices. Economists forecast import price annual inflation to fall to 3.5 percent in February from 3.7 percent in January.
The French statistical office Insee is slated to release consumer confidence survey data at 2.45 am ET. The sentiment index is forecast to remain unchanged at 82 in March.
At 3.30 am ET, Statistics Netherlands is scheduled to issue final GDP figures for the fourth quarter. Also, Sweden's February producer prices and trade balance figures are due.
Spain's short-term bill auction results are due at 5.30 am ET. The government aims to raise a maximum of EUR 1.75 billion from 3-month T-bill auction and EUR 1.25 billion from 6-month T-bill issue.
At 6.00 am ET, the Confederation of British Industry is scheduled to release results of Distributive Trades survey. The retail sales balance is seen falling to -5 in March from -2 in February.
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Moody's Affirms Germany's AAA Rating; Outlook Stable
Moody's Investors Service on Tuesday affirmed the AAA rating on German government bonds and said rating outlook remained 'stable' due to "very low event risk" despite the prolonged debt crisis.
"Germany's Aaa government bond rating and stable outlook continue to be underpinned by the country's advanced and diversified economy, a strong tradition of stability-oriented macroeconomic policies and the economy's deep integration into global trade and capital markets, Moody's said in its annual credit report.
Also, the agency was of the view that the country's economic, financial and political characteristics indicated "very low event risk" despite ongoing economic and financial uncertainties in the euro area.
"High productivity growth and strong world demand for German products have allowed the country to build a broad economic foundation with ample flexibility, generating high income levels," the report said.
Moody's said it determines a country's sovereign rating by assessing four key factors such as economic strength, institutional strength, government financial strength and susceptibility to event risk as well as the interplay between them. Germany continues to consistently achieve the highest scores for all four factors, according to the rating agency.
However, bank-rescue operations by the government and an only moderate economic recovery are likely to continue to weigh on the country's public finances over the near to medium term, it cautioned.
Nevertheless, the implementation of restrictive fiscal policies to rein in public debt and promote a robust economic recovery has helped to put the country on track to achieve a nearly balanced budget in 2012, according to Moody's.
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Japan Retail Sales Growth Tops Expectations
Retail sales in Japan increased more than expected in February, helped by strong demand for motor vehicles and fuel, data from the Ministry of Economy, Trade and Industry showed Thursday.
Retail sales climbed 3.5 percent year-on-year in February, faster than the 1.8 percent increase in January and 1.4 percent growth expected by economists. A government subsidy for fuel-efficient cars is helping to boost domestic demand for vehicles.
Motor vehicle sales jumped 21.4 percent following a 24.1 percent rise in January. Fuel sales at retail outlets climbed 4.8 percent, reversing a 0.8 percent drop in the preceding month. Sales of food and beverages rose 2.5 percent, faster than 0.6 percent rise recorded a month earlier.
Meanwhile, retail trade in general merchandise and machinery and equipment suffered annual decreases of 0.2 percent and 15.9 percent respectively.
On a month-on-month seasonally adjusted basis, total retail sales rose 2 percent in February. That again beat forecasts for a flat reading.
Sales by large-scale retailers saw an increase of 0.2 percent year-on-year against expectations for a 0.3 percent contraction. Commercial sales fell 0.1 percent annually, while wholesale sales slipped 1.3 percent.
During a speech in Tokyo on Wednesday, Bank of Japan board member Ryuzo Miyao said the recent pullback in yen and rise in share prices might have helped improve Japan's consumer confidence.
Japan's economy contracted 0.7 percent annually in the fourth quarter. To support economic activity, the Bank of Japan expanded the size of its asset purchase by JPY 10 trillion to JPY 30 trillion in February. Also, during the March meeting, the central bank decided to expand its loan scheme aimed at supporting economic growth by JPY 2 trillion.
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