Investiční bankovnictví (Komerční banka)
Interest rates  |  September 14, 2012 07:31:00

Result FOMC meeting helped the euro above $ 1.30 / EUR

Before the evening publication of the outcome of the FOMC we market the euro with the dollar witnessed a slight correction of previous euro gains. The course is shifted from the morning local maximum at slightly below 1.2930 1.2900 USD / EUR at the end of the European and U.S. session. Foreign exchange market is therefore expected in other markets was still apparent slight optimism after the ECB meeting last week. Success ended yesterday's auction of Italian government bonds. The three-year bond to borrow cheaply in Italy for the last two years (2.75%), after more than a year, also successfully managed to place the issue with a maturity of 15 years (for yield 5.32%).

Evening make the outcome of the two-day FOMC meeting gave the euro a strong impulse. Rate USD / EUR at the beginning of the Asian session today for the first time since early May vaulted over the level 1.3000 USD / EUR.Fed disappointed markets this time, a third round of quantitative easing has become reality. The U.S. central bank will purchase state-guaranteed mortgage debt securities, up to a volume of 40 billion U.S. dollars a month. In addition, for an indefinite period until the Fed will not achieve its dual objectives. This should help in particular the reduction of credit spreads. Reinvestment will continue maturing bonds by the end of "Operation Twist" and not an insignificant step is to extend the period during which the Fed intends to keep interest rates extremely low for six months in half by 2015.

After yesterday's Fed meeting will now face the eyes of investors in the United States, which will be published in a number of interesting economic indicators. Société Générale economists expect that the data do not provide a clear signal. Are optimistic, where this is the result of the August retail sales.However, those in the United States published in nominal terms and inflation is expected to rise quite significant. Still, is expected to improve the preliminary September consumer confidence indicator is the University of Michigan. Conversely disappointment will likely Statistics August industrial production and capacity utilization. Overall, the data did not spoil the mood by investors in recent days, central banks provide and demand for riskier instruments including the euro should keep the last working day of this week.

Author: Jan Vejmělek

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Výsledek jednání FOMC pomohl euru nad 1,30 USD/EUR

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