Forex Zone (Forex Zone)
Czech markets  |  January 29, 2013 09:29:21

A slightly different problem for Draghi

You may have seen the current Italian theme that relates to the third largest bank in the country, Monte dei Paschi di Siena. She came to the fore in the ongoing campaign before the election.
The bank is being investigated over allegations is that in 2007, unjustly overpaid when buying a rival, and that made ??the risky derivatives trades in the years 2006-2009, which cost it 720 million euros in losses.
Authorities are investigating whether the purchase of rival Antoneveta in 2007 to prevent bribery and also whether there is a violation of the laws in the implementation of high-risk derivatives trades.

Until the case is also retracted Mario Draghi, who was at that time head of the Italian central bank and the regulator approved a takeover Antoneveta. Questions remain primarily around the fact, why not Draghi questioned exorbitant price (€ 9,000,000,000), when only a few months later, the same company bought the Spanish Santander for € 6.6 billion.

With a vision that the ECB should exercise oversight over the entire banking market of the EU, from person Draghi bit worried if it really turns out that as head of the supervisory body has erred in his native Italy.

As regards developments in the monitored pair EUR / USD, so that yesterday developed according to our expectations. A little surprised at a very small margin (slightly over 50 pips). Support around 1.3430, which we pointed out yesterday was a haven for short-term traders. Is offered repeated opportunities to short-term long trades.

Today, the price has moved in the middle of yesterday's trading range, and shows that the market is waiting for new impulses. We still we lean more on the long side. Penetration Asian session high today could provide momentum for growth rates and possibly test 1.3500 levels. If the price test below, remain in force around the supports of 1.3430 and 1.3400.

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