Investiční bankovnictví (Komerční banka)
Currencies  |  February 08, 2013 08:24:00

Comment Mario Draghi weakened euro


The common European currency depreciated strongly yesterday after comments ECB President Mario Draghi at a press conference following the monetary policy of the European Central Bank. According to Draghi may be the current strength of the euro at risk for inflation in the euro area (towards lower inflation), which will evaluate the markets as a verbal intervention against the euro. It weakened against the dollar yesterday by eight tenths of a percent to 1.34 USD / EUR.

ECB meeting otherwise was in line with market expectations, while rates remained unchanged, as well as other (special) tools bank. Draghi suggested that the ECB will now closely monitor liquidity in the interbank market after the repayment of long-term funds from banks LTRO repo tenders.If you would reduce liquidity and increase short-term rates, the ECB could consider lower rates. And that would have meant the weaker euro. The main scenario of our colleagues from SG ECB rates remain unchanged "for the foreseeable future."

This morning's figures for December German foreign trade negatively surprised when the trade balance reached a surplus of only 12 billion (market expected 15 billion). An even bigger disappointment stems from the dynamics of import. German imports fell by 1.3% m / m (1.6%), suggesting a weak domestic demand. Exports rose by 0.3% m / m (1.4% of the market)

Also in the U.S. today will see data for trade balance.

Author: Marek Dřímal

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