Research (Česká spořitelna)
Currencies  |  October 18, 2012 09:30:02

The favorable development Eurodollar can disrupt EU summit with all their disagreements

EUR / USD Yesterday's Housing starts in the U.S. did not respond. Waiting at least knock toward 1.30. Market but obviously moves more investment grade Tuesday leaving for Spain. EUR and received over 1.31, 5.85% 01/2022 SPA bond reached the highest price since the beginning of April 2012. Market (and Moody's) obviously counting on the fact that Spain enlists the help of ESM. Mr Monti also relies on it - Help for SPA could indirectly help to Italy.

This favorable environment for the EUR may disrupt EU summit, which starts today. Disagreements regarding the joint supervision of banks (which France / SPA want since January, and Germany, and according to yesterday's announcement Necas and CR is against) and a common fiscal union (where Schäuble on Tuesday suggested"Commissioner" s powers to intervene in national budgets and where they are again against France and South EMU) will certainly get back to the surface and can affect markets. No big things fall out of the summit - the markets calmed down, so no need.

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Příznivý vývoj eurodolaru může narušit summit EU se všemi svými neshodami

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