Investiční bankovnictví (Komerční banka)
Currencies  |  July 27, 2012 07:03:00

ECB Chief supported the course of the common European currency

The euro against the dollar yesterday straighten up by more than a percent and a half. While during yesterday morning was still a tendency to weaken the common European currency towards 1.2120 USD / EUR, however, it began around noon strengthen sharply to a daily high of close to $ 1.2320 / €.

For euro gains was surprising and strong boss commentary ECB. M. Draghi. He said that the central bank is within its mandate, ready to do anything, what will be needed to preserve the euro. Draghi ventured into the fight against the extreme cost of lending countries. Although under Draghi high premium on government bond yields disturb the functioning of monetary policy transmission channels fall under the mandate of the ECB. Yield of ten-year Spanish government bond yield yesterday fell to just under 7%.

It seems, therefore, that the ECB is trying, within its mandate to use all possibilities to allow direct funding of both governments and banking sector. Securing financing is obviously important to calm jittery financial markets alone can not be the long term solution. There is nothing to change the problem of low competitiveness of countries and increases the risk of the rise in inflation expectations in the future.

Today brings important data with a first estimate of U.S. GDP for Q2 12th While the market expects a slight slowdown in the growth momentum of 1.9% (qoq, annualized) in Q1 12 to 1.5%, Societe Generale economists' expectations are significantly more pessimistic when they fear lower than the percentage increase. Concerns are also necessary insight to negative surprises that brought a similar indicator from the UK.Much worse numbers would appear to have led to the rise in risk aversion in global markets and the potential pressure on the weakening of the euro.

Author: Jan Vejmělek

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