Investiční bankovnictví (Komerční banka)
Commodities  |  August 08, 2012 08:22:00

Yesterday published data from the euro area was very weak

Tuesday's trading was for the common European currency from the beginning favorable. Their profits did not, however, the euro. Rate USD / EUR has shifted from morning levels around 1.2400 to 1.2440 in the afternoon then returned to morning levels. European currency benefits from the hope of buying bonds of Italy and Spain from the ECB. On the other hand, data released from the Eurozone too common European currency helped.

Perhaps the most interesting were published yesterday German factory orders for June, which fell by 1.7% m / m, which was more pronounced decline than the market expected (-0.8%). Domestic orders decreased by 2.1% (-1.4% in May). Orders from abroad then decreased by 1.5%, thereby wiping out a large part of the growth in May. Overall, the data are unfavorable from the perspective of further development of Czech industry.In Italy, we saw GDP data for the second quarter of this year, which declined by 0.7% QoQ, which was only slightly better result compared to Q1. The Italian economy is in its fourth consecutive quarter in recession. Our colleagues from SG continues to expect that the Italian economy this year falls on average by 2.3% next year and by a further 1.4%.

Today on German orders bind other data from Germany - namely industrial production for June and data on foreign trade in the same month. Our colleagues from SG expected decline in nominal exports by 1.0% m / m, real industrial production would be forfeited by 1.5% (-0.8% expected by the market). Industrial production will be published in Spain.From the U.S., we will see only the first estimate of productivity and unit labor costs outside the agricultural sector in the second quarter.

Author: Jiri Skop

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Včera zveřejněná data z eurozóny byla velmi slabá

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