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Market review for 03 -06.01, 2012 (2/2012)
Euro: One of the reasons of euro‘s growth against the U.S. dollar on Tuesday was the better than expected data on the indexes of business activity in the manufacturing sectors in France and Germany and the EU as a whole. Also, the support for the couple was provided by report of the Germany‘s labor market, which recorded improved employment situation in Germany, the EU’s largest economy. The unemployment rate fell to 6.8% from previous 6.9%. The Wednesday’s European trading session showed the decrease of the Euro against major currencies amid the weak results of the auction on government bonds of Germany, which resulted that only the amount of 4,057 billion euro were collected compare to planned of 5.0 billion euro. Also, the pressure on the euro had forecasted decrease for GDP in Germany reported by the DIW, German Institute for Economic Research. The forecast for GDP growth in Germany in 2012 was reduced to 0.6 % from previously estimated +1, 0%. According to results of Thursday’s auction, France attracted 7,963 billion euro against the target of 7.0-8.0 billion euro. However, the Euro fell against these results; because of the recorded growth of yield average compared with the yield average of previous editions on government bonds, and also declined coverage was recorded. In this regard, ratings agencies might low the top AAA rating of the France. Friday’s good news of positive than expected change in number of people employed in non-farm payrolls threw the Euro currency to its lowest level of this week, $1.2700 area.

US Dollar: The increased demand for risky assets caused by reducing in investor’s negative sentiment pressured the US dollar at the beginning of this week. Also, the positive reports of manufacturing activity in China and India which were published earlier this week supported for increased investor’s appetite for risky assets. After the published positive statistics, the US ISM Manufacturing Index which grew to 53.9 in December 2011 and showed signs of extending in production in China and the U.S, the US dollar fell against the majority of the most traded currencies. On Wednesday, the US dollar strengthened against its competitors amid falling stock markets in Europe. Also, the support for US the dollar was provided by released statistics which recorded that in November the U.S. Factory Orders increased by 1.8 % which was quite positive news for the US economy. After the Agency ADP Employer which reported on Thursday that American companies hired 325 000 workers in December, which was better than expected 178 000, the US dollar continued its uptrend. Friday’s good news of unemployment rate in US which unexpectedly fell from 8.7 % to 8.5% supported positive US dollar trading dynamics as well. This report brought optimism that the recovery of U.S. economy is gaining momentum.

British Pound: The British pound rose against its competitors on Wednesday. The report of Purchasing Manager Index Construction, business activity in the construction sector in Britain, recorded 53.2 value in December and exceeded forecasted value of 51.5.On Thursday, the GBP / USD pair fell below $ 1.5500 area to its both sessions lows of $1.5492 area. Even, the published report of PMI in the UK service sector, which in December had risen to the level of 54.0 points against the November forecast values of 51,6 , could not stop the pair from sliding down. The GBP / USD couple continued its downtrend on Friday and ended up very close to $1.5410 level.

Japanese Yen: The USD / JPY pair traded mostly in narrow trade ranges almost every trading day. At the beginning of this week it went to the level of 76.59, but by the end of the week was again in the near 76.99 area.

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Wow! this is really an amazing fact. And I believe it will only get bigger and bigger since the triumph of the Germans in the last world cup, secondly Addidas a German is expected to make huge profits from their contributions to the world. They provided most of the things used, I believe this would definitely boost the economy. Nice update by the way. Thank you!