Markets  |  January 07, 2013 09:47:24

Weekly summary - 1 week: Financial markets in the swing U.S. Senate first January at two in the morning approved a temporary budget resolution this year, making its economy was rescued from bankruptcy in the recession. Had no time (the term was in December 31, 2012) to find a common political consensus, at least in the form of an interim solution, it would mean for the U.S. economy lost about 700,000 jobs and higher taxes for 98 percent of the population.
The most positive news for investors was that a last-minute threat averted drastic impact of higher taxes per capita. They could subsequently dropped their disposable income and would naturally reduce their consumption.For the U.S. economy, where domestic consumption accounts for over 60 percent of GDP, would result in its decline led to a decline in U.S. GDP in the recession. Despite the fact that the U.S. economic disaster of increasing taxes and reducing government spending is averted for a while now, Americans have far can not breathe. The real solution to the problem was only pushed back by two months.
Financial markets reacted tremendous movement, when the second January, after a strong opening day off "gape" (space between the opening and closing price of the asset).
The U.S. dollar, Japanese yen, U.S. and German bonds (safe assets) are due to relief that is not already in the beginning of the implementation of the "fiscal cliff," price plummeted. On the other hand, increased the price of risky assets (mainly U.S. stock indexes).

The situation on the markets but the very next day (January 3) began to change after the budget makeshift solutions in the U.S. have expressed competent institution. International Monetary Fund (IMF) warned that the current measures the sustainability of public finances U.S. are inadequate.
Moody's added that the U.S. should take in the coming months, further measures to reduce the budget deficit. No new budget measures will not be able to improve the agency's rating outlook of the country. Moody's now evaluate the creditworthiness of the U.S. highest possible degree of Aaa but with a negative outlook.
Investors began to abandon risky assets and buying back the preferred safe. So the complete opposite of what they did the day before.

Overall developments in the markets at the end of the week even more tangled publication of the minutes of the last meeting of the board (FOMC) of the U.S. central bank (Fed) on Thursday night.
Committee members are starting to worry about the negative impact on the Bank's financial markets. You said too accustomed to throwing money into the U.S. economy. Buying bonds worth $ 85 billion a month that the Fed now done, would like to put an end to the Commission by the end of 2013. Fed since December 2012 prints each month $ 85 billion to support the local labor market and reduce unemployment from the current level of 7.8 percent to six percent target limit.
According to the aforementioned minutes of the last meeting of the board is probably the end of this year such a policy.
Dollar reacts to these events by strengthening, weakening equities, prices of German and U.S. bonds go down (their yields rise).


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