Fundamental review 03/13/13

The first bell rang ...

Yesterday's continued closure of long positions in the Japanese yen showed that investors have doubts crept in to the account, will continue to shed dollar rain on the financial markets. Judging from the dynamics that marked not only the yen, but the gold and markets in general, we can say that the recent excellent data from the labor market players adjust to the fact that the Fed, sooner rather than later will reduce the volume of infusion of money in the economy. And so, it is quite a long rally has the potential to finish.

British pound yesterday also continued its vertical drop, which is based on the decision of the Bank of England to carry out a soft monetary policy aimed at stimulating the economy.

At the same time, the euro is almost in place, reflecting no doubt that the dollar would be supported against the previously spoken words Draghi in favor of the euro, and the lack of real incentives for buying foreign currency due to the recession in the euro-zone economy and the political crisis in Italy.

Overall, the picture in the market is not expressive and unprincipled. Today we should pay attention to the data from the eurozone and the U.S..

Statistics today:
Moscow time
14.00 Eurozone industrial output in January n / a; -0,1% m / m, 0.7% y / y
during the day UK auction of 30-year government bonds 2.95 / 1.5
Basic 16.30 U.S. retail sales in February n / a; 0,2% m / m and 0.2% m / m
16.30 U.S. retail sales in February n / a; 0,5% m / m and 0.1% m / m
16.30 U.S. Import prices in February n / a; 0,5% m / m and 0.6% m / m
18.00 U.S. business inventories in January n / a; 0,3% m / m and 0.1% m / m
18:30 U.S. Change oil 04.03-10.03 n / a; n / a; 3,8 million barrels.
21.00 U.S. auction on placement of 10-year Treasury bonds 2.05 / 2.7

Sergei Kostenko

* The recommendations specified in article cannot serve as a basis to direct action.