Economic mirror of the day, comments

Economic mirror of the day


Quotations of the euro-dollar pair on the currency market on Friday conducted trading in a narrow range of 1.0600-10 - 1.0630. Bears could not break the support of 1.0600-10 at the auctions in Asia. And with the opening of trading in Europe, euro buyers tried to take the initiative, but the bulls stopped resistance 1.0630, from which the pair again sank to around 1.0610, where it completed the weekly trading.
The euro / dollar (EUR / USD) closed last week's trading in the support area of 1.0610, often on Monday the main pair is trading against Friday. Forex players should consider a call from support level 1.0600-10 and corrective growth of quotations of the Euro currency to resistance 1.0630-40, due to the fact that a downtrend in force is quite likely to rebound from the level and return to support 1.0600-10 and below. In case of breakdown at the level of 1.0600-10 at the opening of trading, EUR / USD may continue to decline from current levels.
An alternative for forex traders on the euro, there will be a breakdown and fixing the price above 1.0630, in this case the pair will continue to rise to the level of 1.0670

Black gold is cheaper after the Easter weekend. Market participants are responding to data from Baker Hughes, an oilfield services company, about an increase in the number of drilling rigs in operation in the US by 11 units in the past week - up to 683, a maximum since April 2015.
Continuous growth in the number of active drilling in the US for 13 weeks is the longest since 2011.
Oil continues to become cheaper, despite statements by the head of Saudi Arabian Oil Co. Amin Nasser that the market is approaching the equilibrium state.
"US companies restore oil production faster than predicted by the market, and their speed is increasing every day, because of this it becomes more difficult to predict how much more they can expand production," said a commodities analyst at Hyundai Futures Corp. Will Yun.
Meanwhile, hedge funds for the second week in a row increase rates for rising oil prices: according to the data of the Commission for Urgent Commodity Futures Trading (CFTC) of the United States, for the week ended April 11, they increased net long positions for WTI by 16%.
The cost of June futures for Brent crude on the London stock exchange ICE Futures to 8:36 Moscow time decreased by $ 0.46 (0.82%) - to $ 55.43 per barrel.
The price of WTI futures for May in electronic trading on the New York Mercantile Exchange (NYMEX) fell by $ 0.43 (0.81%) to $ 52.75 per barrel by that time.

Vietnam in April ousted Turkey from the second place among the leading buyers of Russian grain.
According to the Center for Evaluation of the Quality of Grain and Products of Its Processing (Rosselkhoznadzor structure), from 1 to 10 April Vietnam imported 148.7 thousand tons of grain from Russia, which amounted to 12.6% of the volume of exports. In the first place is Egypt, which bought 281.7 thousand tons (share 23.8%).
Turkey, stricter since March 15, the conditions for the importation of Russian grain, was in third place. They imported 132.4 thousand tons of grain (11.2%).
Meanwhile, since the beginning of the current agricultural year (from July 1, 2016), Turkey managed to maintain the second place in Russian grain exports with a share of 14.5% (4.991 million tonnes). The share of Egypt was 15.8% (5.445 million tonnes). Vietnam in this ranking is only tenth with a share of 3% (1,035 million tons).
In total, according to the Center, from July 1, 2016 to April 10, 2017, the Russian Federation exported 34.4 million tons of grain and processed products, including 1.186 million tons from April 1 to 10.

China's GDP in the first quarter of 2017 was 6.9% compared to the same period last year, according to the National Bureau of Statistics.
Analysts, according to a survey of the agency Bloomberg, on average expected growth of 6.8%.
The growth of the economy exceeded forecasts due to the increase in consumer demand, investment and industrial production.
In particular, investments in fixed assets jumped by 9.2%, retail sales - by more than 10%.
Premier of the State Council of China Li Keqiang earlier forecasted a slowdown in the economy growth rate in 2017 to about 6.5% against 6.7% last year.
In recent years, the growth rate of the Chinese economy has slowed down smoothly, which the authorities consider a "new normality" in the conditions of the country's gradual transition to a growth model less dependent on the state's money injections. At the same time, China still has record high rates of lending to the economy, a speculative boom in the housing market, an excess of capacity in a number of industries; But domestic consumption is also increasing, which reduces the country's dependence on exports. Thus, sales of new housing grew by 18% in the first quarter.

Stock indices of the Asia-Pacific region (APR) change in different directions during trading on Monday against the background of statistical data from China and increasing tension on the Korean peninsula, writes The Australian.

The consolidated index of the region MSCI Asia Pacific increased by 0.2%.
The Japanese Nikkei 225 did not change much, while the broader Topix index added 0.4%. Top growth leaders in the Topix list are retailers and food producers.
South Korean KOSPI grew by 0.5%.
Chinese Shanghai Composite fell by 1.1%, Shenzhen Composite - by 1.4%, Singapore FTSE Straits Times - by 0.9%.
The exchanges of Australia, Hong Kong, New Zealand, Taiwan are closed on Monday in connection with the Easter holidays.
Industrial production in the PRC grew in March by 7.6% in annual terms, with experts expected to rise by 6.2%.