Investiční bankovnictví (Komerční banka)
Currencies  |  September 13, 2012 08:18:00

Euro within sight of 1.30 USD / EUR

Euro on Wednesday moved to new highs since May of this year and closer to the level of 1.30 USD / EUR. Common European currency supported decision of the German Constitutional Court. As expected, the court dismissed the suspension involvement of Germany in the European rescue fund ESM, provided that the obligations of Germany will increase (ESM commitments thus can not be unlimited). ESM So now awaiting ratification in the Bundestag, after which he could begin work (probably in the first half of October).

The European Commission presented a proposal for a new system of banking regulation, according to which the ECB has acquired significant powers.This should grant and revoke banking licenses to oversee the banking supervision and require banks to create reserves for the period of increased risk aversion in order to reduce the probability of collapse. Further consideration should be on banking regulation and discuss ESM in mid-October at a meeting of finance ministers EMU countries and a week later at the next EU summit.

Today's main event will be the announcement of results of the FOMC meeting. Markets expect Ben Bernanke will introduce further measures to support the economy, probably a new round of quantitative easing and the extension of the period of low rates. This notification should have a positive impact on the euro and risky assets, however, a part of this positive momentum is already in market prices may be included.

Macroeconomic data are in current days sidelined. The July industrial production in the EMU positively surprised when he rose by 0.6% m / m (0.1% of the market). The annual data is generally weaker but see this activity when production fell by 2.3% y / y (SA, WDA, the market expected -3.3%).

Author: Marek Dřímal

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Euro na dohled úrovni 1,30 USD/EUR

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