01.08.2014 Market Review

The unemployment rate in the euro zone in June fell to 11.5% from 11.6% recorded in May. This is evidenced by the official data of the Bureau of Statistics of the European Union. Thus, it can be a signal of a gradual exit of the currency bloc from financial crisis.

The dull rates of economic growth in combination with low inflation made the European Central Bank President Mario Draghi to declare a series of measures in the program TLTRO in June. Until the economy will grow faster, the European labor market is unlikely to exhibit the best growth. Today it became known about the fall of the annual inflation rate to 0.4%, which is 0.1% less than the previous value. This is a negative signal as it comes closer to euro zone in a state of deflation.

As the published statistics was multidirectional, quotes EUR / USD practically did not change. Since the beginning of today's trading day the pair traded in the range of 15 points. The nearest support level is 1.3365 and resistance - 1.3400.

Today is expected the release of the following data:

at 11:58 (GMT +4) - The index of business activity in the manufacturing sector (Eurozone)

at 12:30 (GMT +4) - Manufacturing Index PMI (UK)

at 16:30 (GMT +4) – Unemployment rate (U.S.)