Market news
02.02.2011, 11:54

Europan session: The pound rose

Data:
09:30 UK PMI Construction 53,7
10:00 EMU Producer Price Index +0,8%
10:00 EMU Producer Price Index (YoY) +5,3%

The yen weakened as a gain in Asian stocks and signs global growth is accelerating cut demand for the safety of Japan’s currency.
The pound rose against the dollar for third day as a Bank of England policy maker said borrowing costs should be increased. 
Asian currencies strengthened, led by the South Korean won, on optimism quicker global growth will boost the region’s exports.
U.S. companies added workers for a 12th month in January, increasing employment by 140,000, according to a survey before ADP Employer Services reports the figures today. A Labor Department report on Feb. 4 will show employment climbed by more than 142,000 in January, after a 103,000 gain in December, a separate survey showed. The report may also show the jobless rate rose to 9.5 percent from 9.4 percent.
The euro climbed against the dollar on speculation European Central Bank policy makers meeting tomorrow will say they are prepared to act to counter quickening inflation. The single currency has added 3.5 percent this year against the greenback.
The pound strengthened, extending its third day of gains versus the dollar, after a report showed the U.K. construction industry returned to growth in January.
A gauge of building activity based on a survey of purchasing managers rose to 53.7 from 49.1 in December, Markit Economics Ltd. and the Chartered Institute of Purchasing and Supply said today in an e-mailed statement in London. The median forecast of economists in a survey was for a reading of 49.5. A measure above 50 indicates expansion.

EUR/USD: the pair bargained within the limits of $1,3812-$ 1,3860.
GBP/USD: the pair become stronger above a mark $1.6200.
USD/JPY: the pair bargained within the limits of Y81,30-Y81,60.
                                                           

US data starts at 1200GMT with the weekly MBA Mortgage Application Index. This is followed at 1230GMT by the Challenger Layoffs data for  January and at 1315GMT by the ADP National Employment Report for January. Later, at 1530GMT, US data rounds off with the weekly EIA Crude Oil Stocks data. 

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