Investiční bankovnictví (Komerční banka)
Currencies  |  September 03, 2012 08:36:00

Euro at the end of the week strengthened

Ben Bernanke in his speech Friday in Jackson Hole surprise markets. He expressed the view that non-standard monetary policy measures, such as quantitative easing, are working. Also pointed out that U.S. unemployment is still high and the reduction will not be a quick process. Bernanke suggested quite the arrival of a new QE, but according to our colleagues from the SG, this step is likely already at the next FOMC meeting 12 to 13 September. Friday will be particularly important statistics of new jobs in the U.S. economy, where SG awaits the outcome of only 70 thousand. (Consensus 120 thousand.).

This week, attention will deny markets to čtvrtečnímu ECB meeting. Our colleagues from SG expect further reductions in the main refinancing rate by 25 bps to 0.50%, the deposit rate should remain at zero.But most important is how Mario Draghi comments on (apparently) the planned repurchase program of bonds of peripheral countries. Since meeting the German Constitutional Court on the ESM accordance with the German constitution, which will be held until next Thursday, but our colleagues at a meeting of the ECB expect only rough sketch outline program of buying bonds.

Euro on Friday thrive, probably due to expectations holubičího speech Ben Bernanke. The common European currency have scored more than half percent when the interbank market shifted to 1,257 USD / EUR.

Today in Europe we see the August PMI indicators of industry in Germany and the EMU as a whole will be the final data.

Author: Marek Dřímal

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