Research (Česká spořitelna)
Currencies  |  February 12, 2013 10:36:58

FX is waiting for further development of the debate on monetary interventions


Global FX awaiting what of whom falls in slowly intensifying debate about interventions against currencies. Last week, another salvo in the battle slowly diverging detonated Hollande (ie, not including such Juncker, who did not like the strong euro had before), which they sent from Berlin "forget". Japanese and U.S. QE QE happen long ago haunt the markets that could serve to Europe. Therefore, in my relatively innocent expression interpreted Draghi (basically just said what is true in general for each CB - that the course is important for achieving / under inflation target) last week as verbal intervention against a strong euro. To strengthen the euro was the reason (a contraction of the balance sheet, eg), But I began to pace (1.37) to be a little against the grain.

Yesterday the debate joined FRA MinFin Moscovici, who said that the EMU will discuss possible "cooperation regarding course"; unnamed G20 leaders said that considering the G7 communiqué which confirmed the commitment to market as determined G7 currencies. A Weidmann reiterated that the euro is overvalued and let her hold politicians and not mounted to the FX. EURUSD did not react to it.

• And even that Yellenová the Fed reiterated that the U.S. economy is still weak, and that's still justified aggressively loose monetary policy. It reiterated that the source of weakness is chaotic and U.S. fiscal policy that expects fiscal drag will be for the U.S. in the coming quarters.
She also said that even when they get to the destination (unemployment / inflation), which had set for the closure of the economy, it does not automatically mean a hike O / N Fed Funds.
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