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Belgium Jan Business Confidence -5.6 Vs. -6.4 In Dec, Consensus -5.7
The material has been provided by InstaForex Company – www.instaforex.com
Read more here: *Belgium Jan Business Confidence -5.6 Vs. -6.4 In Dec, Consensus -5.7
The Labor Department said its jobless claims came in at 326,000 in the week ended January 18th, compared to expectations for an increase of 330,000 claims.
The US dollar drifted lower against its major rivals after the report. As of 8:33 am ET, the greenback was trading at 103.98 against the yen, 1.6605 against the pound, 0.9025 against the Swiss franc and 1.3645 against the euro.
The material has been provided by InstaForex Company – www.instaforex.com
Read more here: Dollar Down After US Weekly Jobless Claims Report
GERMANY SELLS 0.00 PCT SCHATZ AT 99.71 AND ABOVE, BID/COVER 2.2 (PVS 1.7) – BUBAThe material has been provided by InstaForex Company – www.instaforex.com
Read more here: Germany Sells 0.00 Pct Schatz at 99.71 and Above, Bid/cover 2.2 (pvs 1.7) – Buba
ANALYSTS: RECOVERY IN POLISH ECONOMY WILL CONTINUE TO SUPPORT THE ZLOTYThe material has been provided by InstaForex Company – www.instaforex.com
Read more here: Analysts: Recovery in Polish Economy Will Continue to Support the Zloty
The better than expected jobless rate in the U.K. and a bullish outlook provided by the Bank of England at its latest meeting minutes helped the pound spike higher in early deals on Wednesday. The central bank, however, rejected the probability of raising rates in haste even though the unemployment rate may reach its threshold earlier than forecast.
Policymakers of the Bank of England were unanimous in the decision to hold the interest rate and quantitative easing at the meeting held on January 8 and 9, the minutes of the meeting showed. The nine-member Monetary Policy Committee voted to retain the 0.50 percent record low interest rate and quantitative easing at GBP 375 billion.
With the unemployment rate remaining above the 7 percent, the Committee’s policy guidance remained in place and no member thought it appropriate to tighten, or to loosen, the stance of monetary policy at the current juncture, the minutes said.
Unemployment rate in the United Kingdom declined more than expected in the three months to November to 7.1 percent, just a tad above the Bank of England’s threshold for increasing interest rates. This was the lowest rate ever recorded since December-February period of 2009. In June-August, the jobless rate stood at 7.7 percent. Economists had forecast a decrease to 7.3 percent.
Elsewhere, the Bank of Japan decided to keep its monetary easing plan unchanged and retained its inflation forecasts for the next two years, strengthening expectations that the central bank may keep the policy steady at least for now, with consumer prices evolving in line with its forecasts.
At the end of a two-day meeting of the nine-member Policy Board, led by Governor Haruhiko Kuroda, the central bank said it would keep the target of the monetary base expansion at an annual pace of JPY 60-70 trillion. The decision to hold rates led a widespread yen selling across the board although it recaptured some lost ground just ahead of the European session.
The BoJ said further that the economy has continued to recover moderately, but observed that there has been a front-loaded increase in demand ahead of April’s consumption tax hike. Overseas economies, particularly advanced economies, are starting to recover, despite overall “lackluster performance”.
The central bank’s growth estimate for fiscal 2013 remained unchanged at 2.7 percent growth it forecast in October, while the outlook for fiscal 2014 was downwardly revised to 1.4 percent from 1.5 percent. The gross domestic product is forecast to expand at a steady pace of 1.5 percent in fiscal 2015.
Japan’s leading economic index rose to 111.1 in November from 109.8 in October and 109.1 in September. At the same time, the coincident economic index moved up to 110.7 in November from 110.4 in the prior month. Japan’s all industry activity rebounded to 0.3 percent month-on-month in November, partially offsetting the 0.4 percent drop in October. On a yearly basis, all industry activity growth remained unchanged at 1.7 percent in November.
The pound rose to 1.6552 against the US dollar around 5:00 am ET, its highest level since January 2. Last week’s failed test of 1.63 support and a subsequent rebound suggest the present bullish wave for the cable may continue until breaking the 1.66 resistance as the pair is moving well-above its key simple moving average levels.
The sterling jumped to 1.5082 against the Swiss franc around the same time, a level last seen in November 2012. Against the European shared currency, the British unit climbed to a fresh one-year high of 0.8181. The pound also advanced to a 12-day high of 172.73 against the yen around 5:10 am ET.
Despite some brief corrections, the pound has been trading in higher notes against most of its major peers in past several months and its solid performance made it a favorite feed for currency bulls. Next upside target levels for the British currency are seen at 1.5150 against the Swiss franc, 0.8150 against the euro and 173.20 against the yen.
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Read more here: Pound Soars As UK Unemployment Hits Near BoE Threshold
Pound Strengthens To Fresh 1-year High Of 0.8180 Against Euro
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Read more here: *Pound Strengthens To Fresh 1-year High Of 0.8180 Against Euro
MANY STRATEGISTS ARE UNSURE IF STERLING CAN GO MUCH HIGHER AGAINST THE DOLLAR THIS YEARThe material has been provided by InstaForex Company – www.instaforex.com
Read more here: Many Strategists are Unsure if Sterling can Go Much Higher Against the Dollar This Year
The U.K. budget deficit narrowed by GBP 2.1 billion from the previous year to GBP 12.1 billion in December, the Office for National Statistics showed Wednesday. The deficit was below the expected level of GBP 14 billion.
There was no transfer from Bank of England Asset Purchase Facility Fund to treasury in December.
For the financial year to date 2013/14, public sector net borrowing excluding temporary effects of financial interventions was GBP 83.9 billion. This was GBP 11 billion higher than the same period in 2012/13, when it was GBP 72.9 billion.
Public sector net debt excluding temporary effects of financial interventions was GBP 1,254.3 billion at the end of December 2013, which was equivalent to 75.7 percent of gross domestic product.
The material has been provided by InstaForex Company – www.instaforex.com
Read more here: U.K. Budget Deficit Narrows In December
Swiss investor sentiment declined in January, a survey conducted by the Center for European Economic Research (ZEW) in cooperation with Credit Suisse (CS) showed Wednesday.
The headline ZEW-CS indicator fell to 36.4 in January from December’s three-and-a-half year high reading of 39.4.
However, the survey noted that the current change should rather be considered as a sideward movement of the indicator, which continues to hover at a high level and thereby sets a positive signal for Switzerland’s economic development.
The index reflecting the current economic situation in Switzerland rose to 50 in January from 48.5 in December. The assessment of the current economic situation has not been better since July 2011, the report noted.
Half of the surveyed financial market experts evaluated the current environment as “good”, while half of them rated it as “normal”.
The material has been provided by InstaForex Company – www.instaforex.com
Read more here: Swiss Investor Sentiment Falls In January: ZEW Survey
Croatia Dec Jobless Rate 21.6% Vs. 21.1% In November
The material has been provided by InstaForex Company – www.instaforex.com
Read more here: *Croatia Dec Jobless Rate 21.6% Vs. 21.1% In November
POLAND’S C.BANK SIGNALS EXPECTATIONS THAT ITS NEXT MOVE WILL BE A HIKE IN SUPPORTING THE ZLOTYThe material has been provided by InstaForex Company – www.instaforex.com
Read more here: Poland’s C.bank Signals Expectations That Its Next Move Will be a Hike in Supporting the Zloty
At 5:00 am ET Wednesday, Switzerland’s ZEW economic expectations for January were released. After the data, the franc changed little against other major currencies.
The franc was trading at 1.5079 against the pound, 1.2343 against the euro, 114.53 against the yen and 0.9112 against the greenback around 5:03 am ET.
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Read more here: Franc Little Changed After Swiss ZEW Economic Expectations
Italy’s current account surplus increased notably in November from last year, data released by the Bank of Italy revealed Wednesday.
The current account showed a surplus of EUR2.83 billion in November, which was higher than the EUR1.46 billion surplus seen in the same month of last year.
Driving the improvement of the balance, the surplus of merchandise trade climbed to EUR3.56 billion from EUR2.88 billion a year earlier. The balance of services was a deficit of EUR407 million, lower than the EUR601 million surplus recorded last year.
The current transfers shortfall eased to EUR184 million from EUR212 million, and the income deficit narrowed to EUR144 million from EUR602 million.
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Read more here: Italy's Current Account Surplus Rises In November
