BOSSA.CZ (BOSSA.CZ)
Markets  |  January 14, 2013 08:49:45

Weekly summary of the most important events in the financial markets - 2 week


iPoint.cz Basel Committee on Sunday relieve banks

Basel Committee (global regulator of the banking sector) banks provide extra four years (until January 2019) to create higher cash reserves. Banks can free up some of your money to help the crisis economies and support their economic growth (GDP). Basel Committee pleasantly surprised by its bankers.

Czech crown weakens

Czech koruna weakened considerably this week. On Monday opened at 25.30 per euro on Wednesday and had attacked the border 25.70.The reason for the weakening of the crown was as negative data from industrial production for November, published on Monday, and Wednesday's performances governor of the Czech National Bank (CNB) Singer in Czech Television. He had repeatedly admitted that the CNB could intervene against the strong Czech crown exchange rate through intervention. This action would, according to him had clearly defined target for the exchange rate. Singer said that in addition to a strong currency, which is disadvantageous for the export-oriented economy of the Czech Republic, it also bothers low inflation. Although official figures show the growth of the monetary level, but it is largely due to tax increases. He added an explanation as to why the low inflation negative for the country. The decline is said to citizens, the higher the probability of job loss. "Slow growth in prices is forcing companies to reduce costs, including personnel," said Singer.

Meetings of the Bank of England (BoE)

On Thursday, for the first time met the Bank of England (BoE). It kept interest rates and the volume of government bond purchases unchanged, and again so decided nepumpovat more money into the British economy, although that is on the brink of a new economic downturn.
The main interest rate remains at 0.5 percent. There has been no increase in the limit already completed purchases of government bonds. British central bank discouraged from taking further expansionary monetary policy measures mainly concern the British inflation (2.7 percent).
Economists still can not agree on additional BoE policy, and especially whether the British will increase the purchase of new assets.In February, we should wait for the results of economic (GDP) for the last quarter of 2012, which should uncover the future of the British economy and subsequently the possible local policy the central bank.

The European Central Bank (ECB)

On Thursday, she had her first meeting this year and the European Central Bank (ECB). It also did not make any significant changes in monetary policy. It left its key interest rate to 0.75 percent and the deposit interest rate to 0 percent. If reducing the existing base rate, it would deposit rate fell into negative territory and commercial banks would have for their deposits with the central bank to pay. The reticent ECB's monetary policy has led several arguments. Firstly, the ECB rate cuts waiting because although approved, but still nezpuštěného bond purchase program problematic countries.He starts working as soon as a country formally applies for financial aid and thus enter into the rescue program. This would lead to further pouring money into the eurozone. In addition, the ECB chief has repeatedly said that the central bank has done enough and now they are in a number of countries with fiscal consolidation. Moreover, the ECB also waiting for a complete economic data (GDP) for the year 2012, which will be available in mid-February.

Meeting of the Polish central bank (NBP)

Thursday was the day of the meeting of central banks. The third place, a meeting of the Polish central bank (NBP). This in contrast to the ECB and the BoE base rate humiliated from 4.25 percent to 4.00 percent. It is the third rate cut in a row. Such of the banks is in line with the weakening of the domestic currency and export promotion.For comparison with the Czech Republic (0.05 percent), Poland is the interest rate (4.00 percent) is still high and the level attractive to investors. Creating pressure on the Polish zloty. The last year has strengthened against the euro by more than 9 percent.

Chinese exports rose sharply in December

The growth rate of Chinese exports in December unexpectedly sharply accelerated to 14.1 percent from November's 2.9 percent. The main reason was an increase in exports to the U.S. - the world's largest economy. It was not the goods intended for the Christmas sales, but the goods which will be sold in the U.S. in the spring. Markets reacted to these data is very positive. The Australian dollar, which is significantly tied to the performance of the Chinese economy strengthened to pair with the U.S. dollar by almost 1 percent.

The possible economic recovery of China responded to the American WTI oil, which appreciated by 1.5 percent.

Japan is pouring money into the economy, only weakens

Japanese Prime Minister Shinzo Abe used his powers, and together with his government set aside more money to support the economy in the amount of $ 117 billion. Under great pressure, so she was the Bank of Japan (BoJ). After the fact, a new prime minister wants to increase fiscal expenditure was funded through the BoJ purchases of government bonds. According to critics, however, the new government has overlooked an important fact, namely that Japan's already huge debt (211.7 percent of GDP).

Currency pair EUR / JPY has strengthened significantly this week and once again got to new highs. Japanese yen for a longer period of time weakens against other currencies due to expansionary monetary policy. On the contrary, the euro managed due to reports from the European Central Bank to leave interest rates and the improving state of the economy.

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