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Forex · News · Forex Forecasts

NEWS / Forex Forecasts

Market’s daily review

17:03 02/23/2006

On Wednesday rates of the basic currencies continued trade in the limited ranges.

The published data in the USA, in particular consumer prices, which were higher than the forecasts, did not influence on the market essentially.

 

The US Department of Labor informed on Wednesday that seasonably adjusted total consumer price index in January was up 0.7 % after decrease on 0.1 % in December.

The consumer price index, except for food and energy carriers, was up 0.2 % after growth on 0.1 % in December.

According to the economists’ forecast the total index in January might have raised on 0.5 %, and basic one - on 0.2 %.

 

The UK data have not also changed a situation in FOREX market.

According to the published minutes of Monetary Policy Committee of Bank of England of February, 8-9th one Committee member voted for the decision to cut the repo rate on 0.25 % eight members voted against. As a result the rate was left at a former level of 4.50 %.

 

According to the economic survey of the British Confederation of manufacturers the balance of factory orders in Great Britain for February rose up to -18 in February against -28 in January.

Orders in a manufacturing industry in the UK were maximal since March 2005, and manufacturers forecast growth of production volume -24.

 

The single European currency weakened after news that German gross domestic product in the fourth quarter remained without changes in comparison with the last quarter as investments growth could not offset export slowdown.

Last quarter of the last year quarterly economic growth in the country was zero whereas in the third quarter it made 0.6 %.

The published data were in line with preliminary estimations of a Bureau, presented on February, 14th.

 

According to ECB data imbalance of payments in Eurozone decreased to 5.3 billion euro in December against 9.5 billion euro in November. November indicators were revised from 10.1 billion euro.

As a whole data were in line with the analysts’ forecasts, who expected that imbalance of payments would make 5.0 billion euro in December.

Reduction of imbalance of payments was connected, mainly, with reduction of deficit of income account, which made 4.7 billion euro in December against 10.0 billion euro in November.

 

Consumer expenses in France rose in January. According to Insee data consumer expenses on manufactured goods were up 0.9 % in January in comparison with the last month and up 2.5 % in comparison with the same period of the last year.

Economists supposed that expenses might have grown on 0.7 % and 1.5 % correspondingly.

December data were revised. According to the refined data in December consumer expenses were down 0.5 % in comparison with the last month instead of 1.0 %.

 

Business confidence index in France made 105 for February at the forecast 103.

 

Consumer confidence index in Italy made 110.0 for February.

The previous value of the given index was revised from 106.4 up to 106.5.

 

Final value of a consumer price index in Italy for January made +0.2 % for a month, +2.2 % for a year, that is completely in line with a preliminary value of the given index.

Final value of the harmonized consumer price index in Italy for January made +2.2 % for a year.

Preliminary value of the given index made +2.3 % y/y.

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