Investiční bankovnictví (Komerční banka)
World markets  |  August 23, 2012 07:15:00

Euro yesterday soared above 1.2500 USD / EUR

The common European currency yesterday fluctuated on a swing. During the European and Asian sessions rather faded, the course moved towards 1.2430 in late European and U.S. trading. During the U.S. session, however, euro up sharply and headed out for the first time since the beginning of July, the rate was above 1.2500 USD / EUR.

For the weakness of the euro for most of yesterday was negative mood brought about by the publication of Japanese foreign trade statistics for July. Was recorded unexpectedly deep deficit, reflecting weakness in demand for Japanese exports, especially from China. This then raises legitimate concerns that the Chinese economy is slowing temtpo its economic growth with a negative impact on the entire global economy. In response to this growing risk aversion among investors for a "safe" currency type Japanese yen or just the U.S. dollar.

In appreciation of the euro (and the dollar fall) on the six-month maximum cost of publication of the minutes of the last meeting of the U.S. central bank. From there, it is apparent readiness of U.S. central bankers to further support the economy and in the meantime, until they show clear signs of expansion.

While the first half of the week was very low in fresh macroeconomic indicators, now it will be the opposite. In various European countries and for the euro area as a whole will be published estimates of PMI activity index from the industrial sector and the services sector in August. Market consensus points to arrest the decline of the previous months, economists Societe Generale even expect a slight rebounding from the bottom. If these positive expectations fulfilled, it could further help the euro in the current growing trend.Favorable data should acknowledge the legitimacy of investor optimism, then should also come from the United States. Economists are optimistic Societe Generale in respect of other statistics of the real estate market in the form of the July sales of new homes. Below the 400,000 should continue to hold weekly number of new applicants for unemployment benefits.

Author: Jan Vejmělek

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Euro včera vystřelilo nad 1,2500 USD/EUR

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