Vladimír Urbánek (Kurzy.cz)
Markets  |  July 19, 2012 09:44:46

Inflationary pressures from manufacturers almost non-existent - and the Beige Book Bernanke

Financial markets were over yesterday, again mainly under the influence of news from overseas. Wednesday's speech Fed chief Bernanke B. before the Committee on Financial Services was in the same spirit as before Congress on Tuesday. The central banker also said that the Fed's action helped get the U.S. economy from deep recession.Yesterday was also published the latest report from the workshop of the Fed (Beige Book), where it notes that the development of its economy slowed in the last month.

The domestic events attracted the attention of producer price statistics. Inflationary pressures at the beginning of the production chain are minimal. Annual growth rates in the industry of 1.5% is negligible, prices in agriculture rose by 0.2% and prices of market services and construction works even declined (-0.5%). Even from this perspective, inflationary pressures in the domestic economy insignificant. Member of the Board of the Czech National Bank K. Janacek, however for further rate cuts do not see reason.

Crown during the day yesterday and corrected slightly weaker Tuesday as gains. The currency pair is trading with the euro a few exceptions, kept below the 25.30 CZK / EUR. On the daily chart CZK / EUR was last week to break the trend line, indicating a further koruna gains in the coming weeks. Against the U.S. dollar was trading in the volatile border and went from 20.55 to 20.70 CZK / USD.

The other Central European currencies have evolved in the same direction as the crown. The Polish zloty against the euro Tuesday's position remained around the level of 4.17 PLN / EUR, while during the day tended to lose slightly. The Hungarian forint could strengthen the end of the level 285 HUF / EUR, in response to country negotiations with the International Monetary Fund.

The common European currency against the dollar is looking for direction. In this week has traded in the short lateral trend, the upper limit is determined by the level of 1.23 USD / EUR.Just below this level are held during trading hours yesterday morning until the moment when the German Chancellor A. Merkel challenged the functionality changes in European integration. Sterling responded to that report sharp weakening, but during the afternoon hours of their losses largely erased.   

Miroslav Novak

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