The euro fell against the dollar after rising data on the business climate in Germany
Asian and European trading sessions:
Euro: The euro fell against the dollar after rising data on the business climate in Germany. German’s business climate indicator unexpectedly strengthened in February to the highest level since July 2011, despite the drop in expectations. These results are presented on Monday institute IFO. Business climate index rose to 111.3 from 110.6 in January. According to the average expectations index slightly rose to the level of 110.7. In addition, the current conditions index improved to 114.4 in February from 112.4 a month ago. Result was higher than expected level of 112.8. On the other hand, the expectations index fell to 108.3 in February from 108.9 in January. The result was predicted to drop to 108.1.
Also today published the final data on inflation in the eurozone. Consumer prices in the euro area grew at a faster pace in January than previously thought, but inflation remained unchanged compared to December showed the revised data published by Eurostat on Monday. Harmonized index of consumer prices (HICP) rose by 0.8% year on year in January. The result was unchanged compared with the growth rate in December. Preliminary estimates were at the level of growth of 0.7 percent in January.
At the same time, core inflation, which excludes energy, food, alcohol and tobacco, rose to 0.8 percent from 0.7 percent in December, according to initial estimates. Inflation has remained below the target level of the European Central Bank “below but close to 2 percent," the twelfth consecutive month.
In January, prices for foodstuffs, alcohol and tobacco rose 1.7 percent, while energy prices fell 1.2 percent. The cost of non-energy industrial goods increased by 0.2 percent, and prices of services expanded by 1.2 percent. On a monthly basis, consumer prices recorded a decline of 1.1 percent in January. The EUR / USD pair rose to $ 1.3770, and then fell to $ 1.3719 during the European session
American trading session:
British Pound: The pound is trading slightly higher against the dollar, which is associated with the comments and the Bank of England published data. Recall, Bank of England Governor Mark Carney said that the new phase of further policy intentions should give a guarantee to maintain the economic recovery officials. According to Carney , the revised policy system further intentions reflects the need for a more complex set of judgments than was necessary in the first stage , when the link was only on unemployment . Bank changed its approach after unemployment fell faster than predicted officials up to the 7 percent threshold for considering an increase in the interest rate. Recent data showed that sentiment among UK service sector companies have improved to all-time high in the three months to February, while the sector recorded growth of the third quarter in a row. These are the results of a survey published by the Confederation of British Industry (CBI). The latest survey from the CBI service sector has shown that trust between service providers in the consumer sector, as well as in the professional services sector grew at the fastest pace since the management of records about fifteen years ago. Optimistic attitude reflected a remarkable recovery in business volumes, which rose the most since 2005, which resulted in the first ever recorded growth of profitability since 2007. Also forecast business volumes grew strongest pace in a decade, with the majority of the surveyed firms stated that they intend to raise the number of staff in the next quarter. The GBP / USD pair fell to $ 1.6595, but then rose to $ 1.6679 during the European session.
Gold: The Gold prices have risen markedly today, approaching the four-month high, which was due to the increasing concern among investors about the pace of the U.S. economic recovery and growth in China.
Weak U.S. data on industrial production and employment plus a slowdown in residential property prices in China in the last month ( fixed for the first time in 14 months ) increased concerns about the growth in the major economies of the world , which is reflected in the price of gold, which is often regarded as insurance in difficult times . The cost of the April gold futures rose to $ 1336.75 per ounce on the COMEX today.
Oil: The Oil prices rose modestly today, resisting the sharp decline in prices for some other risk assets on news of further production cuts in Africa and expectations revival of growth in demand for oil.
The data showed that Libyan oil production fell even more over the weekend, falling to 230,000 barrels per day after a new protest that forced the mine to close El Shararah . Before the start of the protests across the country in the middle of last year, Libyan oil production was at 1.4 million barrels per day.
The April futures price for WTI crude oil rose to $ 102.86 per barrel on the NYMEX.
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