Overview of the European session 10.03.2008

Overview of the European session 10.03.2008

At the European bid rates of the major currencies traded threads in limited ranges.

Pound was supported after data on producer prices in the UK, which continue to show strong growth, which indicates the neskoroe lower interest rates the Bank of England.

According to the National Bureau of Statistics, the UK annual growth vacation producer price index in February was 5.7% and was below forecast, but still is at a high level. The monthly increase in February was 0.3%. Index purchase prices in February rose by 1.7% and annual growth of 19.3%. Both are exceeded forecasts of economists. The high growth rate of purchasing prices point to a further increase in prices that trigger the growth of consumer inflation.

Also supporting the rate of the pound had data, which show that production in the manufacturing industry in the UK in January rose by 0.4% compared with December, exceeding forecasts of economists. The annual growth rate of 0.6%, also exceeding projections.

At the same time, industrial production in January fell by 0.1% compared with December but rose by 0.4% over the same period last year. Data on industrial production were worse than economists forecast, but considering the strong volatility of this indicator is the three-month average value compared with the previous three-month period, has not changed.

At the time of writing steam euro / dollar CIOC near 1.5360. Para pound / dollar level of 2.0200 at the CIOC. Para dollar / CIOC franc at around 1.0230. Para dollar / yen level from 102.20 CIOC.

At American important session of the United States is expected. At 17:00 Moscow time data will be presented at wholesale stocks in January in the United States. These data are unlikely to have a significant impact on the market, the sale will be held, focusing on American stock indices.