Vladimír Urbánek (Kurzy.cz)
Markets  |  July 16, 2012 09:34:23

Consumer confidence in the U.S. economy fell further, cut for Italy without reaction



The conclusion of last week was in the relatively quiet spirit. Italy downgrade was done without any significant market reaction during the afternoon hours and subsequently focused attention on U.S. data.In the Czech Republic were the focus of monetary statistics of the Czech National Bank workshop and Slovak publication of the June inflation rate. Crown with previous day slightly weakened.

The area received no interesting data. Attention is focused on Italy, which was reduced by two grade rating of A3 to Baa2 by Moody's. The deterioration was justified sensitivity of Italian government bonds on the bad news of the remaining southern European countries and also very positive economic outlook of the country.

In the U.S., seven-month lows to get the consumer confidence index, published by University of Michigan. The index value in July fell to 72.0 points from 73.2 the previous point. The results are a reflection of the worsening U.S. economic data in recent months. Higher growth surprised the PPI, the value of which in June rose by 0.7%.

The result of the May current account balance was dominated by domestic economic statistics. Balance was negative at - 8.2 billion, which is less negative than expected -13.8 billion. Attention has also clung to the Chamber of Deputies, where it was, inter alia, approved an increase in rates of value added tax by 1% since the beginning of next year.

Consumer prices in the Slovak Republic in June increased compared with the previous month by 0.2%. Dynamics has increased year on year to 3.6%.

The crown on the currency pair with the euro hovered near the surface 25.40 CZK / EUR. In the afternoon, well below the first reinforce the above level, but over time she came back at 25.40. Strengthened against the dollar in the afternoon and fell below the level of 20.80 CZK / USD.

During the afternoon, and succeeded in remaining Central European currencies. The Polish zloty went below 4.20 PLN / EUR and Hungarian forint fell further below the 290 HUF / EUR.

The common European currency from the two-year lows in the afternoon could go above the $ 1.22 / EUR.



Miroslav Novak
Analyst AKCENTA

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