Investiční bankovnictví (Komerční banka)
World markets  |  October 25, 2012 08:45:00

Euro after the publication of the PMI and IFO indicators declined

Euro was yesterday poised to půlprocentním losses when they fell during the morning trading after the publication of the PMI and IFO indicators in European countries. The common European currency, however, during the next trading corrected its losses and closed 0.2% weaker slightly below the level of 1.30 USD / EUR. This morning, the euro managed to get well above this threshold.

October's European manufacturing PMI indicators disappointed markets. Index for the euro area, despite the expectation of moderate growth fell from 46.1 points to 45.3 points primarily due to the decrease in production and new orders from the domestic economy. German index fell to 45.7 points, the French index remained in the band even more contraction (43.5 points).

The German IFO index in October also brought disappointment. The overall index fell to 100.0 points, the lowest level since February 2010 due to the reduction of the evaluation index of the current situation. Expectations index remained unchanged.

In line with the expectations of the Fed meeting did not bring anything new. Our colleagues from SG expect with other measures to support the economy, the Fed will come to the meeting 11 to 12 December. Operation Twist is planned is only until the end of this year, the U.S. economy, however, according to our colleagues require another round of quantitative easing. It should focus on buyouts of U.S. government bonds in contrast to the current QE3, during which the Fed buys securities linked to mortgages.

Today, markets will focus primarily on data from the U.S. economy. Indicator of long-term orders in September should reach the market consensus by 7.5% m / m and thus partially wiped out his August slump by 13.2%. New applications for jobs should reach 370 thousand., About 18 thousand. less than the previous week.

Author: Marek Dřímal

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Euro po zveřejnění PMI a IFO indikátorů pokleslo

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