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Forex

The Australian dollar fell against falling Chinese exports to the lowest level since 2009

March 11, 2014, Tuesday, 16:04 GMT | 12:04 EST | 20:34 IST | 23:04 SGT
Contributed by Forex-Metal

Asian and European trading sessions:

Euro: The euro exchange rate is trading sideways against the U.S. dollar in the absence of meaningful statistics. Slight pressure on the euro was the French industrial production data. French Industrial Production fell in January; contrary to the forecast of economists expect a noticeable increase showed on Monday the latest data statistical office Insee. Industrial production fell by 0.1 % year on year in January, succeeding increase by 0.3 % and 1.5 % in December and November respectively. Economists had expected a 1.3 % expansion in January. On a monthly measurement of industrial production fell by 0.2 % in the beginning of the year, after falling 0.6 % in December. Expectations were at a gain of 0.6 %.

In Insee also said that in January production in the manufacturing sector grew at a faster annual rate of 1.4 % than the 0.5 % in December. Annual growth rates were projected to reach 1.5 %. In monthly terms, production in the manufacturing sector grew by 0.7 %, compared with expectations for a gain of 0.4 %. In December, production showed zero change.

The euro retreated from lows after data from Sentix. Investor confidence in the eurozone reached its highest level since April 2011, supported by notable progress in the assessment of the current situation. The results of a survey conducted by the analytical center Sentix were published today, on Monday. The composite index of confidence rose to 13.9 in March from 13.3 in February, while, according to forecasts, the index had to grow to 14.3. However, it was the highest since April 2011. Assessment of the current situation rose to 4.8, the highest level since July 2011, from 1.8 in February. Nevertheless, expectations fell to 23.5 in March from 25.5 in February. The EUR / USD pair rose to $ 1.3895, and then dropped to $ 1.3866 during the European session.

Japanese Yen: The yen rose against most major currencies against the backdrop of continuing tensions in Ukraine around the Crimean Peninsula, as well as due to the fall in Chinese exports to the lowest level since 2009. These negative factors increase the demand for safe-haven currency, which is the yen. In February, China's exports fell by the largest value since the beginning of the financial crisis. Index decreased yearly by 18.1 %, while experts expect growth to 7, 5%. The USD / JPY pair rose to Y103.42 during the European session.

Australian dollar: The Australian dollar fell against falling Chinese exports to the lowest level since 2009. In February, China's exports fell by the largest value since the beginning of the financial crisis. Index decreased by 18.1 %, while the experts had expected growth of 7.5%. But the real picture is quite difficult to evaluate because of the rather long New Year celebrations on the lunar calendar. Holidays in China traditionally distort statistics. Meanwhile, imports grew by 10.1%, resulting in a trade deficit reached highs for 2 years at $ 23 billion.

New Zealand dollar: The New Zealand dollar fell against the yen after China's central bank lowered the rate on the Yuan. People's Bank of China today lowered the base rate for the Yuan to 0.18 %, the lowest level since July 2012.


American trading session:

British Pound: Pound declined significantly against the dollar, reaching lows on February 27. Couple in Europe was under intense pressure and broke above $ 1.6700, absorbing foot and accelerating the pace of decline. The decrease was due to technical factors (correction after Friday's growth), as well as statements of the representative of the Bank of England Bean. Deputyof the Bank of England, Charlie Bean said today: interest rates will remain at the same levels for a longer time if the pound continues to grow.

"If sterling stronger, it is potentially weaken inflation as a negative impact on import prices , so achieving the target level of inflation will be rather medium term, which in turn means - monetary policy will remain accommodative for a longer period of time than expected "- says Bean .

The CB representative added: recovery of the British economy may face obstacles in the face of the eurozone's problems or stress in the emerging markets, as well as in the face of bubbles forming in the domestic housing market.

Canadian dollar: The rate of the Canadian dollar traded lower against the U.S. dollar, but was able to recover most of the previously lost positions. Growth was helped by Canadian data that showed: the number of new housing increased tabs on a monthly basis by an average of 192,094 units in February. This was stated by the Canadian Mortgage and Housing Corporation (CMHC). Results, followed by three months of decline, were slightly above analysts expected 190,000 new bookmarks. In a research note expert CIBC World Markets said the results were in February according to the range , which saw last summer and early fall , but less than the rate of more than 220,000 units, which are seen in mid-2012. CMHC reported, the number of urban bookmarks new housing rose to 175,584 units. Bookmark urban apartment jumped 13.3% to 116,458 units, while single-family detached urban Bookmarks fell 2.4 % to 59,126 units.

Gold: The gold prices rose slightly today, which was associated with strong U.S. employment data, presented at last week's sharp fall in Chinese exports, as well as the persistence of tension in Ukraine. The cost of the April gold futures rose to $ 1342.70 per ounce on the COMEX today.

Oil: The oil prices declined moderately, helped by data from China who reported an unexpected decline in exports, which, in turn, has increased concerns about slowing economic growth in the second largest country in the world oil consumption. The April WTI futures price fell to $ 101.2 a barrel on the NYMEX.