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Forex · News · Forex Forecasts

NEWS / Forex Forecasts

Market’s daily review

11:47 02/03/2006

Expecting Friday data of the US labor market survey, the basic currencies rates consolidated.

According to the forecasts in January the economy created about 242 000 new jobs.

On Thursday favorable economic data over the USA were published, however they did not influenced positively on a dollar exchange rate.

So, the weekly Initial jobless claims report showed cut on 11 000 to 273 000. It led to decline of four-week moving average on 4750 to 284250, up to a minimum level since June, 2000.

Economists expected growth of initial jobless claims up to 295000.

Thus the situation on a labor market remains obviously stable.

On estimations of the US Department of Labor in the fourth quarter labor productivity in the country reduced to 0.6 % that became the first dip since the first quarter of 2001.

Economists expected growth on 1.2 %.

In the 3 quarter of 2005 productivity was up 4.5 %.

And manpower cost was up 3.5 % in the fourth quarter against falling on 0.5 % in the third quarter.

According to Eurostat data, in December inflation of producer prices in Eurozone rose up to 4.6 % y\y.

In monthly calculation the producer price index made +0.2 %.

The given indicators were in line with the economists’ forecasts.

The European central bank declared} on Thursday about decision to leave the interest rate without changes at a level of 2,25 %.

Practically all analysts expected that ECB would leave rates without change, forecasting the rates increase at the next meeting on March, 2nd.

According to CIPS data in January activity in a building sector of the UK decreased, thus the core business index fell to a bottom level since November, 2001.

In January it made 50.7 in comparison with 52.6 in December.

The index of commercial activity made 51.4 in January; new orders index - 52.2; employment index - 52.7; future business index - 74.6.

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