According to data released yesterday, the number of initial claims for unemployment benefits in the US for the week, November 8-14, taking into account the seasonally adjusted decreased by 5000, to 271 thousand. It was expected that the figure will be 270 thousand. The data for the previous week were revised.
The index number of applications for unemployment benefits in 2009 as a whole is reduced, and in July reached the lowest in nearly four decades. In recent weeks, the number of applications increased slightly, but remained at a very low level.
The index of business activity Philadelphia Fed, covering the manufacturing sector in the region in November was 1.9 against -4.5 in October and -6.0 in September. In June, the index reached its highest level this year, but then began to decline.
US manufacturing sector remains under pressure from the weak global economy and the strong dollar, which makes American goods more expensive abroad. In addition, the negative impact has also a significant decline in commodity prices.
The producer price index in Germany in October fell by 0.4% compared to September and by 2.3% in annual terms - it was the strongest annual decline since February 2010. This growth indicates that consumer prices has no upward pressure on the part of manufacturers.
During today's speech European Central Bank President Mario Draghi said that the policy of stimulating the regulator not only successful, but also the main driving force behind the recovery of the European economy. He noted that now the economic recovery is more confident than a year ago.
Draghi reiterated his willingness to use the entire arsenal of tools, if achieving the inflation target will be threatened. Market rates it as another signal to ensure that the parameters of monetary policy may be revised in the direction of further easing already at the December meeting. In particular, we are talking about further lowering deposit rates and an increase in quantitative easing program.
The euro / dollar on comments Draghi declined to around 1.0663, but after a while, played part of the fall. It should be noted that the willingness to act sounds in the words of the head of the European regulator for a long time and punctually.
Today, it is worth paying attention to data on inflation and retail sales in Canada, indicator of consumer confidence in the euro area, as well as presentations by members of the US Fed, William Dudley.