Investiční bankovnictví (Komerční banka)
World markets  |  August 30, 2012 08:32:00

ECB chief with words again supported the euro

Euro against the dollar on Wednesday, slightly faded, exchange rate movements, however, were rather small in nature. Even in the morning with the USD / EUR found at around 1.2560, at five o'clock in the afternoon it was slightly above 1.2520. This morning, however, the euro against the dollar traded again just below 1.2560 USD / EUR. Euro loses too thanks to the fact that the market expects the ECB stronger action to rescue the eurozone. This expectation was supported in Wednesday's German newspapers, in which the ECB chief Draghi M. mentioned that the bank must sometimes impose emergency measures.

Yesterday's U.S. data disappoint. U.S. GDP for the second quarter was revised up from 1.5% q / q to 1.7% (annualized) in the same direction and the same amount was revised and personal consumption (GDP upward revision for the may even government consumption and net exports) .On the other hand, inventories were revised downwards (from the positive contribution of 0.32 percentage points to 0.23 pp), which facilitates the dynamics of GDP in the third quarter. They were published and forthcoming sale of real estate (2.4% m / m), Italian and German retail inflation, which surprised her more dynamics. For this, however, there were fuel and heating oil. Food does not grow significantly, as suggested prices of agricultural commodities on world markets. According to our colleagues from SG but food prices are sure to rise in coming months and headline inflation should increase by 0.2 to 0.3 percentage points.

Today will be published in the Eurozone confidence indicators and Germany, the unemployment rate for August (expected stagnation).In the U.S. it will be data on personal income and spending for July (SG colleagues expect both indicators increased by 0.3% m / m) and new applications in unemployment, which has so far held securely below 400 thousand.

Author: Jiri Skop

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