Vladimír Urbánek (Kurzy.cz)
Markets  |  July 11, 2012 09:18:34

The new minimum common European currency against the dollar


The common European currency remains under constant selling pressure, which during yesterday could benefit both crown and Polish zloty. The reasons that lead to weakening of the euro, still remain largely the same: fear of deepening European debt crisis, a further decline in eurozone economic Performance and growing distrust in the project of a common European currency.

The negative impact of the euro had a report from Germany especially, where there Constitutional Court began to examine whether a new European stabilization mechanism (ESM) is not contrary to the German constitution. The final verdict of the judges could bring in a few months, which is due to the acute needs of the area very long time period. Such a delay also sharply criticized the German finance minister. With a light optimism is contrary to evaluate a report on the Spanish banks to speed up loan of 30 billion euros by the end of July.

The economic data was worth the attention of foreign exchange reserves statistics from the workshop of the Czech National Bank, which fell slightly in June to 31.2 billion euros. With an estimated GDP growth this year contributed to the Czech Banking Association (CBA), which expects a decline of 0.6%.

Crown fared against the euro, which fell below the level of 25.40 CZK / EUR, the strongest level since mid-June. From a technical point of view was also broken rising trend line, which determined the depreciation trend of the Crown since the end of March. This may indicate that the crown in the coming weeks will move to stronger values. Against the U.S. dollar trading offered a somewhat different picture. Crown more or less stagnated in the range from 20.60 to 20.70 CZK / USD.

Of the remaining Central European currencies fared particularly the Polish zloty, which first broke in the afternoon boundary 4.20 PLN / EUR and subsequently went on a two-month highs. Failed on the contrary, the Hungarian forint, which, while it strengthened in the morning, but during the afternoon of their profits came in and closed the day near the level of 288 HUF / EUR.

The common European currency after the morning pacing near the surface 1.23 USD / EUR headed towards new lows below 1,225 USD / EUR.


Miroslav Novak
Analyst AKCENTA

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