The market got again concerned about the global economy state when the China’s report had indicated the foreign exchange reserves reduction to the 2012 minimum. The oil dynamics did not contribute to the market optimism growing as well having shown the signs of reduction.
The Germany Industrial Production for December 2012 was worth paying our attention. The production orders increased by 1.2%. The forecast was 0.4%. The pair euro/dollar by the end of the trades increased.
The UK National Statistics Office published the trade balance report (the previous value was -10,64B; the forecast was -10,40B; in fact -9,92B). The pound strengthening against the euro is a negative factor for the country exports as it reduces the products competitiveness. According to the British Industry Confederation exporters suffer from excessively high national currency rate. The trades on the pair pound/dollar closed with a growth.
Due to the lack of economic news that could be a driver for the market the traders' attention was entirely focused on the stock market dynamics. The yen was traditionally supported by the risk aversion. By the end of the trades the pair dollar/yen decreased.Publication source