BOSSA.CZ (BOSSA.CZ)
Markets  |  December 27, 2012 13:44:56

Time to resolving the fiscal cliff inexorably running out


iPoint.cz President Barack Obama today will head back to Washington to try to resolve the budget proposal for next year. Senate nor Congress has not received a single viable proposal that addresses the threat of a fiscal cliff.
Traders remain nervous and are afraid of the consequences of the political debate, which can throw the biggest economy back into recession. Members of Congress recognize that the proposal from the workshop Democrats can pass only if the Republicans do not issue obstructive way and support their proposal.
Democrats will have to convince at least 26 Republicans and remain united, to be able to enforce the draft majority.
Some voices may come from 34 Republicans, who are about to retire or lost in the November elections and waiting for the end of the mandate. Alternatively, let Congress run an automatic increase in tax burden and during the first weekend of January to agree on planned tax increases for the richest people.
Once the hour hand hits the midnight 31st December, so there is a tax increase, and the meeting turns to who will reduce taxes.

Home prices rose again

Single-family home prices in the U.S. rose in October for the ninth month in a row and reinforce the idea that American domestic real estate market is improving and will help the economy in the new year.
S & P / Case Shiller index is made up of data from the 20 largest cities in the United States. Prices as measured in October rose 4.3 percent year on year.
Property prices are likely to continue to grow, mainly due to record low mortgage rates.
18 of the 20 cities reached in annual growth measurement. Index affected prices from Phoenix, where he rose by 21.7 percent. Prices fell so only in New York and Chicago.

Eurodollars are still completely unable to talk after Christmas. So far, we see an increase in activity in the market. However, this afternoon will be published data from the U.S., which could give smaller market stimulus. Will we see the performances of new applications for unemployment benefits, and information about consumer confidence in the U.S..

The currency pair EUR / USD, we see that the price is trading in a relatively narrow band and waiting who will take control of the market. It will therefore be important to monitor whether the price is able to break through makeshift triangle. Aid in the descent could also bearish divergence in 4 hours chart.

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