Vladimír Urbánek (Kurzy.cz)
Markets  |  July 10, 2012 10:03:17

Czech industry in difficulty, Eurogroup accelerate assistance to Spain


Monday was the important economic data and events rather poor. It is certainly not the case for the Czech Republic, where it was published a number of macroeconomic statistics. Crown yesterday flourished and strengthened. Mild gains attributed to the joint European currency against the dollar.

Evening meeting of finance ministers in Brussels of euro area countries and the question about Spain were the main events that have attracted the attention yesterday. In Brussels, among other things, agreed that Spain is obliged to defer to stabilize public budgets. Originally, the country's push the government deficit below 3% by 2013, now has time to 2014. For a country that is struggling with nearly 25 percent unemployment is good news, the question is whether similar delays do not want other European countries that meet energy-saving measures - such as Greece. It was also agreed that the Spanish bank receives a cash injection of € 30 billion.  

That the crown lately in the short to medium term, completely independent of macroeconomic statistics is again reflected in yesterday. The published economic data certainly does not fall favorably on the contrary. Despite this, the Czech currency managed to strengthen rather well. Industrial production in May dropped in real terms year on year by 2.4% and is thus the first decline since November 2009. The gradual reduction of the dynamics of industrial activities has been announced in advance and given the developments in domestic and foreign markets are not any surprising news. The lower gear included and foreign trade.The volume of exports in May rose just 2.8% and the volume of imports even decreased by 1.1%. The trade balance is in surplus but still significantly, in May of 23.1 billion crowns. Construction is in a protracted crisis, which was confirmed by the decline in construction output in May.

Koruna against the euro appreciated by about 20 cents during afternoon trading and already takes place below the level of 25.50 CZK / EUR. The dollar also strengthened in the afternoon, the dollar sold under 20.70 CZK / USD.

Fared as well as the remaining Central European currencies. Zloty went below 4.23 PLN / EUR and Hungarian forint moved away from the surface 290 HUF / EUR.

The euro strengthened slightly against the dollar and returned to levels just above 1.23 USD / EUR.

Miroslav Novak
Analyst AKCENTA

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