Vladimír Urbánek (Kurzy.cz)
Markets  |  June 19, 2012 09:39:00

Optimism over Greek election quickly evaporated


The optimistic mood that prevailed following the results of the Greek parliamentary elections, did not last long. The common European currency gains on their weekend and quickly came under selling pressure is reached, the Central European currencies. Opposite direction issued by the Spanish revenue bonds. On the secondary market interest in the case of a bond with a maturity of 10 years climbed above 7.2%. The situation is becoming critical in the southern European country.

The economic calendar was completely empty, and so attention was paid to the Greek election results and speculation about the likely form a future coalition. The most likely option seems to be a winning coalition between New Democracy and PASOK from socialists. An important issue is the possibility that Greece will be partially mitigated by the conditions under which the country receives financial assistance. Strongly opposed to any concessions being built in Germany led by Chancellor Merkel. Friendly attitude leaders occupy southern European countries and France. It is evident that Greece can not meet present conditions.In a country with high unemployment moves above the 20%, even among the young is nearly 50% of the local economy through the depression and mood in society is at low ebb.

Yesterday and the day is also the G20 summit in Mexico, whose main theme is the escalation of the European debt crisis. Europe's problems is severely threatening the entire global economy. Although the meetings are high hopes, it is not likely to emerge from the summit with concrete proposals.

 

Crown failed yesterday and lost to the two major currencies. Against the euro in early morning trading levels around 25.30 CZK / EUR during the afternoon but no trading took place above the level of 25.50 CZK / EUR. The currency pair with a dollar short on the crown looked below 20 CZK / USD, but lost during the day and returned to the level of 20.20 CZK / USD.

Similarly, they also led the rest of Central European currencies. The Polish zloty weakened almost to the level of 4.30 PLN / EUR and the Hungarian forint to 293 HUF / EUR.

The common European currency also lost, and even went back below $ 1.26 / EUR.

Miroslav Novak
Analyst AKCENTA

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