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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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Daily review of the market.
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12:55 08/02/2004
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Daily review of the market.
The end of the last week was marked by American currency’s appreciation thanks to strong data on Chicago PMI.
Data on the U.S. GDP in the second quarter came out lower than forecasted, which negatively affected the rate of the national currency. However, dollar weakening was of a short-term nature.
The U.S. Department of trade reported on Friday, July 30, that economic growth slowed down in the U.S. in the second quarter and made up 3.0% of annual rate.
Second quarter indicators came out weaker than expected (+3.8%).
In the first quarter, growth made up 4.5% (revised indicators) compared to the previous 3.9%.
High cost of energy, which negatively affected the level of consumer spending, was named the main reason of economic growth slow down.
In the second quarter, consumer spending increased by 0.1%, while having dropped by 4,1% in the first quarter. That is the lowest growth of consumer spending since the second quarter of 2001. Pure index of consumer spending rose by 1,8% in the second quarter compared with 2.1% in the first one.
Final value of Michigan sentiment index climbed to 96.7 in July from 95.6 in June.
Analysts had looked for the index to increase to 96.2 points from the preliminary value of 96 points. Thus, index has been growing for the second straight month for the first time since October-November 2003.
Specialists note that satisfactory labor market situation explains improvements in Americans’ sentiments.
In the last 10 months, American economy added 1,5 million jobs.
The volume of production in Chicago made up 64.7% in July compared with 56.4% in June and the 16-year maximum of 68% that was recorded in May.
According to the average forecasts, index was expected to equal 59%.
The volume of new orders made up 68.7%, purchasing prices index equaled 77.6%, employment rate index made up 45.6%.
Business climate improved in July 2004 in Eurozone compared with that in June.
In Eurozone, economic sentiment index rose to 100,1 points in June from the revised June value of 99.7 points.
Analysts had looked for the index to rise to 100.0 points.
Business sentiments index remains on the June level of –4 points.
Consumer sentiment index stays on the level of –14.
The given data coincide with analysts’ expectations.
Today, the exchange rates of major currencies continue trading within the limited range, which says about low investor activity.
This week, attention of the investors is to be mainly fixed on the release of July Labor market report in the U.S.
The forecast was created by trans1.
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