Vladimír Urbánek (Kurzy.cz)
Markets  |  July 12, 2012 09:52:58

Disappointment of the Fed minutes, skepticism towards the euro continues

Skepticism of financial markets in relation to the common European currency continues. Spanish Government yesterday approved new fiscal measures to reduce public debt, but it was enough just to reduce revenues to the Spanish government bonds and the evolution of the euro is almost not reflected.    

The publication of the German inflation rate in the financial markets had essentially no effect. In June, prices rose year on year as expected by 1.7%. A key event yesterday can be considered publication of the minutes of the June meeting of the American central bank (Fed). A majority of members of the Monetary Committee, to agree the next steps to stimulate the local economy as indicators of the U.S. economy begin to show results deteriorated. Markets were set to the aggressive tone of central bankers and the impact on the U.S. currency was minimal in this respect.

The domestic data drew attention to the publication of the registered unemployment rate in June and the consumer price index for the same month. The unemployment rate in comparison with May declined by 0.1% to 8.1%. In favor of the drop was seasonal factors, but in the coming months will play less role in the fall to be reflected in the unemployment rate with the opposite sign. The overall situation on the labor market is starting to show a deteriorating trend. Mom, the number of vacancies and the number of applicants per place remains high (11 persons). The pace of inflation accelerated in June. Year on year prices increased by 3.5%.Compared to May, prices increased by 0.2%, of which a dominant share of food, especially vegetables, and tobacco products on the price with the delay reflected an increase in excise duty. The rate of inflation would be in the second half of this year by a decline.

The crown proved yesterday its gains against the euro slightly expanded, and tested the level of 25.30 CZK / EUR. Shortly after noon, although weakened to the level of 25.45 CZK / EUR, but at the end of the day once again climbed to stronger values. Against the dollar is trading shifted to the surface of 20.70 CZK / USD.

The Polish zloty against the euro managed to get to new highs (4.17 PLN / EUR), but during the afternoon of their profits came from. The Hungarian forint is mostly traded above 288 HUF / EUR.

Movements on the major currency pair has been limited by the limit $ 1.23 / EUR.

Miroslav Novak
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