STOX.CZ (Grant Capital)
Currencies  |  February 13, 2013 10:22:26

Diplomatic solution to the currency wars


Yesterday's European events involved mainly the money market. At a meeting of the seven most economically advanced countries in the world was published statement of commitment to market-determined exchange rates and non-target exchange rates. This is an obvious reaction to the strong euro and the Japanese government's plan to another form of monetary policy easing. With his little rushed to the mill and the ECB president, who described the term "currency war" for strongly exaggerated. Main world currency pair to these events, however, almost silent and very slowly added to the course.Next, standing at attention event was the auction of three-month treasury bills in Greece when yields reached 4.05%, while the volume did not satisfy investor demand. This may be the first sign of danger the solvency of land known at the end of last year when delays with the allocation of a tranche of foreign aid. At the end of the day, after closing U.S. exchanges appeared before local journalists President Barrack Obama to speak at the State of the Union. Populist rhetoric was directed toward prompt Republicans to stop blocking the further recovery of economic growth. Reproached them especially high demands on government cuts and the existence of the debt ceiling.Today will be published only the data on retail sales in the U.S., more interesting from the perspective of potential kurzotvorných messages will be Friday, when the G20 summit will be held.

 

Mojmír Boček

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