Industrial orders were they increased by 4

Equity markets are beginning to suffer perennial tensions on the bond markets, without so far as their dynamic is really affected. Thus, the index CAC 40 assigned 0.90, to 5.193,94 points, while the London FTSE index dropped 1.19, at 6.010 points and the Frankfurt DAX 30 closes 1.36, to 5.968,96 points. Unlike bonds, shares keep a margin of important safety with gains of 5 to 10 in Europe since the beginning of the year.

On the bond markets, it is even across the Atlantic that the movement the most violent were observed. In middle of day, the performance of the US Treasury 10-year loan progressed 5 basis points, at 5,148, its highest level since May 2002. 2 Years rate was increased by 3 points to 4,933. In the United States, the large force of American activity does not contradicted in the view of the statistics published yesterday, leaving investors wondering on the pace of growth would have reached the US economy without multiple "pre-emptive strikes" at the Federal Reserve...

The credibility and the quality of the economic forecasts of the latter are curtailed passage, the Fed building on an impending slowdown of activity and having done whether markets. Activity in the services, as measured by the index of the national group companies (ISM) purchasing directors, has accelerated in April, with a flag at 63, compared to 60.5 the previous month. Analysts projected an index to 59.4.

Australian rate hike

In total, 14 of the 17 sectors of this index saw activity increase. The price of the index component jumped 10 points in a month to 70.5. Industrial orders were, they increased by 4.2 in March, i.e. their greater progress since 1992. Still, superior performance with the forecast of the consensus built on a rise of 3.7. Also the scenario of the Fed after a break last raising its interest rates in may start to be beaten in the face.

The greenback has benefited partly by renewed expectations of further interest rates beyond the 5 increases. This allowed him in any case to stabilize after its net rating of past sessions. The euro therefore opened around 1,2625 dollar, to complete the "European" meeting at 1,2636. Same observation about the Japanese currency with a dollar to 113,51 yen.

On the other hand, if it is a motto that, he continued to withdraw quite clearly, it is the Australian dollar. After 14 months of status quo, the Australian Central Bank has a raised its base rate of 0.25, 5.75, due to a stronger than expected underlying inflation and the strength of domestic-led growth.

Operators have seen more in this gesture simply opportunistic adjustment as the beginning of a series of monetary tightening. It resulted in a net appreciation of the Australian currency against the greenback, which reached a new higher since September, 0,7688 dollar, to withdraw a little then.

Today, it is the turn of the Bank of England (BOE) and the European Central Bank (ECB) to announce decisions of monetary policy at the end of their meeting, which should result in a status quo in both cases.