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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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Unfavorable data on Europe’s economy rendered support to American currency
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09:14 03/26/2004
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Short review of the market.
American currency got stronger against the Euro and the pound, as unfavorable data on Europe’s economy partially compensated militant attacks’ concerns.
Pressure on the rate of the Euro got stronger after the statements made by Bundesbank president Welteke and German minister of finance Klement.
Welteke stated that German economic growth was moderate and did not cover all the spheres of economy.
The president of Bundesbank assured that the rates of growth of German economy would keep on growing, despite recent business activity reduction, published by IFO.
ECB representative stated today that the prospective of consumer confidence change was rather indefinite in Europe (12).
Analysts assume that such statements could serve as a preparation for a possible reduction of major interest rates in Europe (12).
American currency is supported by favorable data on durable goods orders in the US and by expectations of near reduction of ECB interest rate.
The meeting of ECB at which further fate of the rate is to be decided upon is planned for April 1.
On Wednesday, U.S. Department of Commerce published data that testifies that the volume of durable goods orders steeply increased last month, orders for computers, cars and aircrafts were the leading ones.
The volume of orders for durable goods, life cycle of which is not less than three years, rose 2,5% in February and made up $183,8 billion, whereas revised January level of orders fell 2,7% and not 1,8%, as earlier said.
Skipping orders for transport equipment, the level of orders fell 0,3%, whereas it rose 0,6% in January.
Economists expected the volume of durable goods orders to rise 1,5% in February.
In France, consumer spending rose in February in monthly relation, however, economists do not rush making optimistic conclusions.
Earlier, Insee statistical Institute informed that household expenses for manufacturing industry goods did not change in February and rose 3.3% in January.
Economists expected expenses to reduce 0.7%.
According to European central Bank, balance of payments proficit made up 2.5 billion Euro in Eurozone in January compared to revised 3.2 billion Euro proficit in December.
Bank said that proficit reduction was due to 1.2 billion Euro income accounts deficit increase, 2.7 billion Euro current transfer rise and 0.9 billion Euro proficit reduction in the sector of services. Partially, that was compensated by 4.1 billion Euro rise in goods’ proficit.
Financial report, joining direct and portfolio investments, showed pure outflow of capital that made up 22.4 billion Euro in January.
In Italy, seasonally adjusted consumer optimism index rose to 101.9 points in March from revised 98.9 points in February. February index value was the lowest in the last 10 years.
Analysts forecasted index value to be 98.4 points in March.
The forecast was created by trans1.
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