Investiční bankovnictví (Komerční banka)
World markets  |  February 25, 2013 07:55:00

Euro at the bottom of the six-week


Common European currency last week failed. The course at the very end of the week came under level 1.3200 USD / EUR, even briefly below 1.3150 USD / EUR. Thus, the euro was weak in the first half of last January. Since the beginning of February, when the exchange rate level rammed $ 1.3700 / EUR, the common European currency lost almost four percent. In the end of Friday's session euro their losses easily corrected, and also thanks to the frustration that brought the Federal Reserve index of industrial activity from Philadelphia. He recorded the second drop in a row on an eight-month low despite expected improvement in this indicator.

Too good for the euro published European data. Hard data from the real economy remains weak, and confirm that the eurozone remains in recession. Sentiment indicators is improving, but not as much and most unevenly.While for Germany seem relatively optimistic economic outlook for Greece, Italy and other problematic countries of the south wing's definitely true. In the end of last week, markets too pleased by the report from the banking sector. ECB announced that European banks prematurely repay 62.8 billion euros of three-year loans, which were granted the central bank. The market, however, expecting to be repaid prematurely volume of 130 billion euros.

Entrance to the new week will be relatively uninteresting. From Europe, will not be published basically no important economic indicator, the United States will see only the next part of February sentiment index, this time in the form of Fed index of industrial activity from Dallas. Markets will wait for the outcome especially yesterday and today's parliamentary elections in Italy.During the week, then will follow the American political scene. If Congress does not intervene, from 1 March starts the automatic fiscal tightening amounting to 85 billion USD. It is estimated SG economists mean for the rest of lower GDP by 0.2 percentage points.

Author: Jan Vejmělek

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