Currencies  |  February 20, 2013 13:21:55

BoE tilted further incentive, Google the new maximum Google maximách

Equity markets in the U.S. yesterday continued growth and major indices ended trading on the new 5-yearly maximách. Reports on the ongoing activity between fúzijnej encourage American companies in growth markets. Yesterday administration have emerged that companies Office Depot and OfficeMax are planning links. Both are working in the same segment and thus applied for a connection could bring synergies. Have also been successful at the technological sector. Shares of Google rose to new record highs. Underpinning the main segment of mobile advertising, which is given the popularity of Android operating system manage to monetize.Google shares ended yesterday's trading at $ 806.85, that is the highest since when they went IPO in August 2004. Yester cocktail stock: Dow Jones +0.39% SP500 +0.73%, Nasdaq Composite +0.68%.

Forex is no longer on Risk-on/off

While the stock market The growth we see a clear direction, to such routing Forex missing. Sentiment risk-on/off you do not pay this year and I move markets and especially in the words of politicians and central bankers. A race to see which currency will najslanšia, they can not all win, so the individual landscape rotate about who is currently the weakest currency. As it is said, everyone pulls a moment saw.

Strong kiwi matters

Until now, such as it went up the New Zealand dollar, which strengthened against the green banknotes to 18-month highs. The fact that the central bank rate more sharply neriešila kiwi, garrulous real estate market and attractive interest income to support a couple to grow. Today, the but the growth stopped novozélandskej central bank like it. The Governor of the Central Bank novozélandskej Graeme Wheeler said that the central bank is ready to intervene for the purpose of affecting the exchange rate, which according to them is overstated: "Given the influx of capital can only be offset inequality and peaks at kurze NZDUSD, we can affect the exchange rate. NZDUSD When is the rastovým pressure, we want investors to know that kiwi is not one-way strike. " Said it will intervene when conditions are good. He added that there are no easy solution to the issue FX rate.How useful tool sees base rate as well as other policies, but warned against rising prices real estate. Wheeler and killed two birds with one stone. Withdrew its downward course kiwi and did not have nothing to do with the rates for NZD weakened.

Euro is normal, but what then?

A strong currency does not like it or Norway. The Governor of the Central Bank, Olsen said, If the (crown) is too strong and will lead to a decline in inflation, we will act. This is an another country whose currency is strong does not like. Eurozone while the euro does not address, and Merkel said today that the euro zone is from 1.30 to 1.40 in the normal zone. These comments are of course in accordance with the G-20 communiqué, no direct indication of a particular band, which is normal, it is not very encouraging. What happens if the euro above 1.40? ECB will talk about the growth of risk reduction in prices and will consider reducing the rates? Possible.Wants a strong currency now have none.

BoE tilted further stimulus

And certainly not Great Britain, where about the only salvation in the dire situation it is exported. As today's BoE Minutes showed that the central bank is considering more stimulus, although may not be sufficient. For the increase in its volume of purchases of assets from the market are inclined to three members for monetary policy committee of nine. It seems that ultra-loose monetary policy will continue and by-product of it, I mean weak currency, central bankers as well as politicians, greatly enjoys. My vie for behold Fed, which is still presented as najholubičejšia Central Bank.

Canada already has a fairly strong exchange

Your currency weakens even totally untargeted Japan that fighting deflation, unto whom candidly admits intervenciám Switzerland. Canada as the last of the G-7 countries last changed vocabulary of more dovish statement that in the future no longer see the need for increases in tariffs. Flanges central banks except the ECB can make further quantitative release of monetary policy remains a strong pressure on the menu only on the euro. Repay LTRO, yet only a very austere expressions of the strength of the euro and zlepšujúca, the situation in the euro zone (for example, the latest data ZEWu) euro will wish to grow.

Emerging markets also are fighting against strong Asian currencies

Landscapes emerging markets also are fighting against the strong currency.Colombian Central Bank reduced the basic rate for the fifth time in the last seven months, the Peruvian Central Bank began to buy their own dollar bonds to halt the growth of exchange and also the Polish as well as the Hungarian central bank came to the reduction of rates. It seems so that the monetary wars are in full swing. Of course, in accordance with the G-20 and makes every action to weaken its own currency just for that would help domestic economy.

Gold loses luster

Gold on this development too unresponsive and likely due to the fact that the missing inflation, depreciation of the currencies which it would fetch mala. Pressures on the soaring prices are very low and thus gold, which does not bring any real yield is not attractive. Price of this metal has been forfeited to the lowest level since August. Without inflation because gold is far less attractive.

Much more about monetary wars, their causes and consequences, can learn at today's conference monetary war 2013th There are only Recent Locations.

Author: John Benaki | TRIM Broker, as | Trading on exchanges TRIM Broker

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