Investiční bankovnictví (Komerční banka)
World markets  |  September 21, 2012 08:38:00

Euro slightly lost on Thursday

Thursday was generally favorable for risky assets on the date, the majority of these assets corrected its gains from the previous days. It was similar to the common European currency, which since the second half of July credited against the dollar at around 8%. Yesterday's movements in the USD / EUR, however, were not dramatic, the euro is still slightly below the level of 1.3000. Of course, profit taking may continue, especially if they come from the Eurozone worse data or reports. For example, yesterday again reminded Greece, where maybe approaching another round of restructuring sovereign debt. Some representatives of Greece on Thursday announced that international investors could leave Athens on the weekend without having completed the final agreement on spending cuts of € 12 billion.

Yesterday, the most interesting data were preliminary PMI index for September. Again, it shows that Germany is doing when the industrial confidence index and index of services jumped up by much more than expected. Index of services then even got 50 points above the surface, ie in the expansion zone. Conversely confidence index for France disappointed. For the euro area improved at least industrial index, which has shifted from 45.1 points to 46.0 points, but the index registered a deterioration of services. In general, markets expected it should be improved PMI indices, the reason were the actions of central bankers from the U.S. and the euro area. Finally, further and consumer confidence fell in September. At least the data from the U.S. economy ended favorably. In particular, the industrial index of the Philadelphia area improved from -7.1 points to -1.9 points.Given that a similar index from the vicinity of New York worsened between the two indices and there is a high positive correlation, there were fears that this index is also worse. Finally, a new application in unemployment only marginally decreased, but still remained below the level of 400 thousand., Which empirically separates the zone of growth and decline in employment in the U.S. economy.

Today, the calendar will be from the perspective of economic data to unusually empty. Trading would be an poklidnějšího character.

Author: Jiri Skop

Tyto zprávy pro vás vytváří Investiční bankovnictví KB.
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