Investiční bankovnictví (Komerční banka)
Currencies  |  October 15, 2012 07:56:00

Euro on Friday, the second day in a row grew

Euro in the second half of last week recovered. While the first half of the week, the euro lost from the quotations at 1.3050 USD / EUR to 1.2825 USD / EUR in Thursday morning, at the end of the week, the course again got to reach the level of $ 1.3000 / €. Although the euro is for the last two days last week, straighten up by 1.3%, the result for the whole week, pointing to a loss of about 0.8%.

Support the common European currency, the expectation that Spain will ask for official help. Markets have believed that Spanish rating will reduce the incentive to process your request faster. It was uncertainty when and how much Spain asks is what financial markets nervous.

Further progress on the European debt crisis could occur at the EU summit to be held on Thursday and Friday. Market expectations, however, are very low. The consensus is that no more fundamental movement for the settling of the debt situation in Greece and Spain no. It is not unlikely that Spain used the summit to submit an official request for assistance. At the weekend, in some key regions of Spain held elections. Significant shift can not be expected in terms of the formation of a bank or fiscal union. From the perspective of the euro is thus fundamental support is difficult to find. On the contrary, from the U.S., we have recently witnessed a total of encouraging economic indicators, and this series could continue this week. More significant appreciation of the dollar, however, will prevent the implementation of the third wave of quantitative easing.

Today brings important figures from the United States. In recent years we have witnessed a surprisingly good economic indicators, particularly in the labor market and encouraging soft indicators were also confirmed at the end of last week's preliminary October consumer confidence value of the University of Michigan. Confidence among U.S. consumers climbed to the highest level in the last four years. We'll see how this will be reflected in the statistics of retail sales. Expectations are quite optimistic.

Author: Jan Vejmělek

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