Saxo Bank (Saxo Bank)
Currencies  |  October 05, 2010 16:04:10

RBA surprised and did not change rates in the affairs of the BoJ intervened


After the euro early in the morning yesterday reached a new six-month maximum, then under the weight of a number of factors common currency throughout the rest of the day steadily declined. Unemployment in Spain has risen above 4 million people, which in September sales grew by 1.2%, while concerns about the Spanish public finances remain. Ireland revised its GDP downward, and all this creates additional pressure when the euro started decrease, losses began to increase, since the market that allowed shops of Asian central banks to reallocate reserves, it swept weak long positions.Drew up a strong pound in September PMI construction, a decrease AUD delayed view of today's RBA meeting.

As for U.S. data showed home sales rozjednané mom with growth of 4.3% versus consensus 2.5% better than expected, corporate vice versa orders fell to -0.5% expected a little worse. Wall Street was trying to better results and catch my breath after the recent growth was also the realization of profits.

We saw increased volatility when the RBA left its cash rate target interest rate unchanged at 4.5%, which surprised the market, which allowed for an increase of 25 basis points. In an accompanying statement the RBA focused on the weak external environment - the weakening global economy next year, prospects for growth in the U.S. and Europe in the short term rather modest, although the growth rate in China remains anhigh - while at home the situation is more positive, although the value of assets does not move much in either direction and overall growth in loans fall.

The second central bank intervened in determining the risk of development, the Bank of Japan, which also surprised by reducing its target rate to zero from the previous -0.1% 0.1%. BoJ has set up a liquidity fund worth 5 trillion yen intended for the purchase of assets (including Japanese government bonds while keeping the monthly target value 1.8 trillion yen per month). This temporary measure will focus on long-term government bonds and treasury bills discounted worth about 3.5 trillion yen and commercial paper (CP), asset-backed securities (ABCP) and corporate bonds worth about 1 trillion yen - the total amount of tender operations Fund, so getting to 35 trillion yen.Following the publication of USDJPY surged, but the border neprolomil 84.0, while the 10-year Japanese government bonds fell to a minimum at 0.895%.

At the beginning of European session will focus on retail sales in the euro area together with an index of purchasing managers in the service in Germany, Great Britain and the EU. During the American session will be posted on the ISM data outside the manufacturing sector.

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RBA překvapila a nezměnila sazby, do věcí se vložila také BoJ

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