Currencies  |  October 28, 2012 21:25:00

Comment: weekly development EUR / USD

Also this week has been busy in the financial markets. Rates of exchange rates set in motion especially bad data from Germany, positive U.S. data, speech head of the European Central Bank and of course Greece.

Business Week started relatively calmly. On Monday, were not disclosed any important macroeconomic indicators and currency pair thus not exposed to any significant fluctuations. Finally finished the day trading session slightly in the black, which corrected the losses from the previous week. They were due to dissatisfaction from investors that the EU summit did not bring any new solutions to the European debt crisis.
On Tuesday, the situation has changed dramatically and the euro began to weaken significantly.International rating agency Moody's downgraded credit ratings of five Spanish autonomous regions, which led to the growth of interest of Spanish bonds. Negative sentiment on the currency pair EUR / USD continued in the afternoon, when the Spanish central bank published its estimate of GDP growth in the third quarter. It assumes that the economy will decrease, by 0.4 percent. The Spanish economy would have experienced the fifth quarterly decline in a row.
On Wednesday morning, the euro against the U.S. dollar continued to decline. This time it caused poor macroeconomic data from Germany. It is now considered to be the strongest economy in the euro area and, therefore, any economic indicator suggesting the loss of his resistance to the crisis is perceived very negatively by investors.The main source of pessimism was published ukazateleněmecké business confidence. It fell again in October. It is thus a series of six-month slump in business confidence in a row. This indicator shows a survey about 7000 German firms and serves as a guide for future development of the German economy.
In the afternoon there was a turnover of euro began to strengthen. He has made ??sure that the president of the European Central Bank (ECB) Mario Draghi. Ago The lower house of the German Parliament advocated buying bonds of troubled countries. This performance was the German Parliament adopted a surprisingly positive. The ECB is very important that the Bundesbank to support its strategy and does not reduce against her until the program starts and then actually starts ECB bond purchases.
After positively received by Mr Mario Draghi euro on Thursday morning after two days of weakening headed upward. Additional news came on Thursday from Greece. It is arranged with its creditors on new austerity measures to ensure that the country will continue to receive foreign aid, it needs to avoid bankruptcy. Athens also won more time from creditors to reduce the budget deficit, to which they are committed, when it received a second rescue package of 130 billion euros.
In the afternoon, the situation changed again. Positive data from the U.S. caused the euro has not retained its gains in the afternoon and went down. It seems that the results of quantitative easing slowly begin to surface when pleasantly surprised how labor market and manufacturing sector.
Today the euro after Thursday's excellent data from the U.S. continues to price attrition. It is natural to avert this negative sentiment did not help him either Spanish unemployment rate in the previous three months, reached a staggering 25 percent.

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