Investiční bankovnictví (Komerční banka)
Currencies  |  October 18, 2012 07:14:00

Euro against the dollar on the monthly maximum

The common European currency yesterday managed by extending its gains from the previous days to monthly maximum almost $ 1.3140 / €.

Euro yesterday also benefited from a decrease in risk aversion in the markets. Market momentum provided by Moody's, which on Tuesday night despite expectations rating left Spain in the investment grade and only outlook was lowered to negative. Spanish government bond yields and headed down and support the optimistic mood in the markets. Quite favorable reports came tonight from China. Industrial production, retail sales and investment activity accelerated in September, which was also confirmed by the GDP figure for Q3 12th China's economy grew during this period at a rate of 2.2% q / q, which is the highest level in the last four quarters. YoY growth was in line with expectations of 7.4% y / y 7.6% in the previous quarter.

The question is whether it is sustainable optimism. This view will undoubtedly present interesting statistics from the Spanish real estate market in the third quarter. Difficulties Spanish banks are basically the consequence of the collapse of the real estate market. Another event is today starting a two-day summit. Societe Generale economists do not believe that this summit has brought a fundamental shift in addressing the situation in Greece or Spain or in the new institutional structure of the EU towards fiscal union and bank.

Author: Jan Vejmělek

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