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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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The Euro is strengthening its positions prior to ECB decision…Short review of the market.
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20:00 03/31/2004
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Short review of the market.
Common European currency strengthened a bit prior to release of ECB decision upon the rates.
Despite speculations about possible reduction of interest rates in Europe (12), the majority of economists does not expect rates reduction to take place at the nearest meeting of ECB on April 1.
British currency rose against the dollar today.
It is expected that the level of rates will rise 0.25% in Britain next week and those expectations support British pound.
Strengthening of the Euro and recent fall of business confidence in Germany presuppose growth rates’ slow down this year.
European economic growth lags behind American and Britain ones. ECB kept on saying that export would play the main role in economic growth this year.
Last month, the president of ECB, Jean-Cloude Trichet, stated that Eurozone economy kept on gradually growing. According to his words, export rose significantly this year and would also rise next year. World economic growth would compensate rise of the Euro rate.
Nuremberg analytical company report states that consumer confidence remained unchanged in Germany, as unemployment rise did not contribute to increase in consumer spending.
Consumer confidence index, calculated by the given analytical company, will keep on the level of 5,1 in April. March index value was revised aside reduction from 5,2.
In Britain, labor capacity rose 1.8% in the IV quarter compared to the corresponding period of 2002, after having risen 1,5% in the III quarter of 2003. The given data was provided by National statistical agency. Compared to the III quarter of 2003, labor capacity rose 0.7%, just as in the previous quarter.
The cost of working force unit rose 1.5% in the IV quarter against 2.4% a quarter earlier. Compared to the previous quarter, the cost of working force unit fell 0.3% after having risen 0.6% the previous quarter.
Labor capacity in the production sector rose 6.3% compared to the last year’s level. The given indicator rose 5.9% in the III quarter.
In Japan, industrial production fell 3.7% in February 2004 compared to January. Economists, interviewed by Reuters, assumed that production reduction would make up 3.4% in monthly estimation.
In January, industrial production rose 3.3% in monthly estimation.
Unemployment remained on the level of 5.0% in February in Japan.
Unemployment did not change in February 2004 compared to January and made up 5.0%.
Economists assumed that unemployment would fell 4.9%.
Despite reduction in the level of industrial production, Japanese ministry of economy did not change its estimation of the economy, having noted that there existed signs of economic rise.
The forecast was created by trans1.
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