Vladimír Urbánek (Kurzy.cz)
Markets  |  June 20, 2012 09:30:17

Will we see today QE III?

Yesterday brought a wide range of economic data and events. In Germany, the ZEW index was published in the U.S. housing market data and also began a two-day meeting of the American central bank. In Mexico ended a two-day summit to change the G20. U.S. dollar is not very successful, which is then reflected in the strengthening of currencies, including the Central crown.

Macroeconomic data from Europe did not bring too much optimism. The value of the German ZEW record in June fell to -16.9 points from the previous 10.8 points. Disappointment over a number of other statistics from European countries. In the U.S., the number of building permits in May increased by 7.9%. Number of new housing starts, however, in the same month fell by 4.8%. Yesterday also started highly anticipated two-day meeting of the American central bank. The weak economic data in recent weeks come from the U.S. economy, the Fed can now respond in order for the third round of quantitative easing (QE III).

The G20 summit did not bring any revolutionary conclusions. Leaders of countries have agreed on the need to strengthen economic growth, support the creation of new jobs and stabilize the world economy. The investment should play a key role and cost-saving measures could be partially moved to the sidelines.

On the domestic scene attracted the attention of publishing a report on financial stability from the workshop of the Czech National Bank.Domestic banks are still healthy, have enough capital to withstand a marked deterioration in economic development in the euro area.


Crown yesterday quite successful. Against the euro in the morning near the surface held at 25.60 CZK / EUR. Later, however, strengthened and at the end of the day, traded about 20 cents below. The currency pair is trading with the dollar transferred to near the 20 CZK / USD.

Fared as well as the remaining Central European currencies. The Polish zloty went below 4.25 PLN / EUR and Hungarian forint broke the level of 290 HUF / EUR.

And strengthened common European currency against the dollar. During the morning levels hovered around $ 1.26 / EUR. In the afternoon she managed to return above the $ 1.27 / EUR.

Miroslav Novak

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