Vladimír Urbánek (Kurzy.cz)
Markets  |  June 01, 2012 10:09:24

Worse data from overseas further alarmed markets


Yesterday would be relatively rich in macroeconomic data and events. Attracted the attention of the statistics of both Europe and overseas. Trading, however, still dominated by tension around the further development of the southern European countries. The unrest was evident in financial markets, where everything went in Business as usual the previous days or weeks. The common European currency remains under pressure, like the Central European currencies. Another loss to spared crown.

The results of yesterday's statistics are many reasons to not bring joy. Recently we started to get worse numbers from Germany and Thursday was no exception. Although the unemployment rate in May fell to 6.7%, but the labor market for the real economy is always delayed. Contrary, brought disappointing results of retail sales. While these mom in April rose by 0.6% but compared to the same month last year fell by 3.8%. Slightly decreased growth rate and consumer prices in the euro area. Estimates that prices in May rose by 2.4%.The inflation rate is an important figure for the European Central Bank (ECB), which meets next week and expect that the present tools to help calm the current financial turmoil.

In the U.S., attention has clung to data from the labor market and GDP data. According to the indicators ADP private sector employment in May rose by 133 thousand., Which is less than expected. The main statistics of the local labor market (NFP) will be published today. Revision of GDP for Q1 quarter of this year showed a weaker U.S. economic growth (change from 2.2% to 1.9%).

Crown yesterday failed and lost. Weakened against the euro and several shops was above the level of 25.80 CZK / EUR. The currency pair with the U.S. dollar during afternoon trading close to levels of 20.90 CZK / USD and today the dollar is likely to attack on the border of 21 CZK / USD. Of course, much will depend on the results of published economic data.

Under pressure from the rest of Central and currency. The Polish zloty weakened in the afternoon and swung over the surface of 4.40 PLN / EUR. The Hungarian forint traded above the 300 HUF / EUR.

Failed to even the euro against the dollar. Traded mostly close at 1.24 USD / EUR and end of the day the euro was given to new lows this year.

Miroslav Novak
Analyst AKCENTA

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