FUNDAMENTAL REVIEW 10.01.13

 

Today  in the focus of the markets - meeting of the central banks

 

European currencies continue to be under pressure in anticipation of the results of the meeting UTSB and Bank of England. It is assumed that their monetary policy should not expect any changes. Most likely, the ECB will take a wait and not change anything in its monetary policy. And the Bank of England is at its last meeting made it clear that despite the lack of major negative factors is not going to change anything.

 

Commodity currencies, in contrast to the European and the yen is pretty decent increase against the U.S. dollar due to the good China's trade surplus, which rose to 31.6 billion against $ 19.6 billion a month earlier.

 

In general, despite the uncertainty about the agreement aims to overcome the fiscal crisis in the U.S. market are hoping that corporate reporting in the United States will serve a positive driver for growth propensity of investors to buy riskier assets.

 

Today the dynamics of the European currency markets will ask the ECB and the Bank of England's monetary policy. Against this background, we do not expect to significantly change the market. It seems that the period of motion in a narrow corridor for the European currencies will continue for some time.

 

Statistics today:

Moscow time

16.00 UK asset purchase program in January n / a; 375 billion pounds, 375 billion pounds

16.00 UK decision of the Bank of England's interest rate in January n / a; 0,50%; 0,50%

16.45 Eurozone ECB's decision on interest rates in January n / a; 0,75%; 0,75%

17.30 Canada Building Permits November n / a; 2,4% m / m, 15.0% m / m

17.30 Canada Price Index in the primary market in November n / a; 0,2% m / m and 0.2% m / m

17.30 Eurozone ECB press conference

17.30 The number of claims for U.S. unemployment benefits last week 30.12-05.01 n / a; 361,000; 372,000

19.00 U.S. Wholesale Inventories November n / a; 0,2% m / m and 0.6% m / m

19.30 U.S. natural gas reserves for the week 30.12-05.01 n / a; n / a; -135 billion cubic feet.

22.10 of the members of the U.S. FOMC Esther George

23.00 U.S. FOMC Statement member James Bullard

 

Sergei Kostenko