Investiční bankovnictví (Komerční banka)
Currencies  |  October 02, 2012 08:26:00

European currency against the dollar on Monday strengthened

European currency as well as other risk assets on Monday flourished. The euro against the dollar gains attributed morning levels around 1.2840 to above 1.2900 USD / EUR. European currency on Monday, hurt by striking Spaniards, but gains limited the fears of a downgrade of Spain by Moody? S to speculative grade.

Yesterday we saw the European final PMI index from the industry for September. This index has been slightly revised upwards by 0.1 percentage points to 46.1 points. Compared to the previous month were all improved by 1 point, while helping to improve sentiment last action by the ECB (planned purchase of bonds affected countries). Even so, the industrial index is in range contractions and our colleagues in SG expect the eurozone to fall (in terms of GDP) in the third and fourth quarter by 0.2% QoQ.Interesting was the development in the individual countries, especially in France, a significant drop to 42.7 points, which is also under Spain or Italy. The reason for this deterioration in confidence in the future development is definitely announced fiscal measures (especially corporate tax increase withdrawals by almost 30%, which would further worsen the competitiveness of French industry). In the USA, published a similar industrial ISM index. He rose from 49.6 points to 51.5 points, which significantly exceeded market expectations and is now located in the zone of expansion. In terms of these indices is seen a large difference between the developments in the U.S. and Europe.

Today the economic calendar is almost empty. From the U.S. will see the ISM index from around New York and car sales, but this is a secondary data. In the euro area will only producer prices, which markets even less interested.Interesting dates and events will be coming up in the next few days.

Author: Jiri Skop

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