|
 |
Forex · News · Forex ForecastsNEWS / Forex Forecasts |
|
|
|
|
|
|
|
The dollar is correcting against the European currencies…Brief review of the market.
|
|
10:13 05/19/2004
|
|
The dollar is correcting against the European currencies…Brief review of the market.
Brief review of the market.
At today’s trades, American currency strengthened against the European currencies, however it declined against the yen after the release of strong data on Japan’s GDP for the first quarter.
The dollar is supported by growth of American stock exchange indexes and the U.S. data.
In its turn, Germany’s data, showing further reduction of business confidence in the country, negatively affect the rate of the Euro.
ZEW index of economic expectations dropped to +46.4 in May for the fifth straight month.
The dip came out steeper than expected: the majority of economists had looked for +47.0 indicator.
According to the words of ZEW representatives, steep increase in prices for oil, interest rates hike and weak demand in Germany bring us to doubts that economic growth is stable enough.
Oil prices still play the leading role at the Forex market and today’s reduction, compared to yesterday’s record indicators, somehow supported the yen.
In Japan, the volume of GDP rose 1.4% in the first quarter compared to the previous quarter, when it rose 1.7%, says country’s government.
In annual estimation, GDP rose 5.6% in the first quarter after 6.9% gain in the IV quarter (revised data).
Analysts had looked for 3.8%annual rate gain in Japan’s GDP in the first quarter. GDP rose due to consumer optimism and consumer spending increase on the background of unemployment rate reduction.
Unemployment dropped to 4.7% in March.
GDP deflator dropped 2.6% against last year’s level after 2.7% dip in the IV quarter.
Excluding deflation adjustments, Japanese economy rose 0.8% in the first quarter – at the highest rate since the IV quarter of 1996 - compared to the previous quarter. In the IV quarter, Japan’s GDP rose 5.4% compared to the previous year’s level.
In 2003/2004 fiscal year, Japan’s GDP rose 3.2%.
New York Federal Reserve Bank reported that Empire State Manufacturing survey dropped to 30,2 in May compared to the revised April indicator that equaled 34,0 (36,05 according to the initial data).
Index component, reflecting new orders in the production sector of New York and its region, rose from 30,6 in April to 36,6 in May.
Component, reflecting current shipments, rose from 39,5 to 42,3.
Component, reflecting paid prices, dropped from record level of 57,0 in April to 56,7 in May.
Component, reflecting received prices, rose from 13,1 to 17,5, thus meaning that yield norm of production companies of New York and its region is still low but is improving.
Component, reflecting number of employed in production sector of the region, rose from 18,5 to 21,3.
Component, reflecting workweek duration, dropped from 21.3 to 20,8, after having increased almost two times more in April.
In Britain, the level of inflation rose in April, as steep leap in prices for oil resulted in rise in petrol prices and housing heating prices.
CPI rose 1.2% last month against 1.1% in March.
Earlier this month, inflationary pressure concerns made the Bank of England raise interest rate to 4.25%.
Office of National Statistics thinks that recent oil prices rise produced a significant impact on inflation, as it increased petrol and communal application fuel costs.
The forecast was created by trans1.
|
|
 Printer-Friendly Version
 Send This Page
 Add to Favorites
 Comments
|
|
|
|
|
|
|
|
|
|
 |
|
|
|
|
|
