Investiční bankovnictví (Komerční banka)
Currencies  |  August 03, 2012 08:09:00

Mario Draghi has sent the euro to weekly minimum


Strong expectations of markets to resolve the debt crisis, which caused the ECB president Mario Draghi his comments last week, did not accompany yesterday's press conference after the meeting of the Board any specific steps. Rather, he repeated some of the comments already known. The ECB is prepared to buy government bonds, but only provided that the purchases will be supported by European rescue fund EFSF and ESM. At the same time, this includes the securities with shorter maturities. Draghi also cooled expectation that it would fund the ESM can obtain a banking license, even though last week the Austrian central bank chief E. Nowotny markets gave some hope. The Board also discussed the possibility of further interest rate cuts, but so far as central bankers not come for the right moment.SG expects this move to the next meeting in September, when the ECB will be available to new macroeconomic forecast.

Reaction USD / EUR ECB meeting and subsequent press conference was very embarrassed. The immediate reaction rate soared to a four-week maximum just above 1.24, to within a few minutes fell through on a weekly minimum of 1.2175, close to where he moved during the Asian trading today. In the red and ended up Stock Exchange, revenue problem countries, then jumped up significantly.

Today's test for financial markets will be a report from the U.S. labor market. Wednesday's opening act, the ADP report showed a surprisingly high job creation in the private sector of the U.S.. Today we will see the data as well, including public and colleagues from SG are compared with the consensus big optimists.If their estimates come true, the markets would certainly cooled speculation about other necessary assistance to the world's largest economy and the dollar could strengthen in response. Conversely, a significantly worse outcome would be reversed, and markets reacted more sensitively. In addition, we will see even then the ISM index of leading. From Europe will be the final published data of similar indicators of PMI.


Author: Miroslav Frayer

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