Investiční bankovnictví (Komerční banka)
Currencies  |  February 27, 2013 08:18:00

According to the Central Bank the benefits of quantitative easing in the U.S. outweigh the potential costs

The common European currency on Monday after the outcome of the Italian elections failed, Tuesday has been marked by stabilization. Rate USD / EUR and in the evening of Tuesday morning moved near the 1.3060 level. From this level, the course does not deviate even this morning. From the U.S. we have had positive data from the real estate market (significantly jumped up new home sales, in line with the expectations of the rising home prices), which is further supported by the recovery in the local real estate market. Above expectations index increased and the industrial area of ??Richmond and the February consumer confidence.

The risks around quantitative easing in the U.S. Fed chief spoke B. Bernanke. According to his words, the benefits of buying assets and growth oriented monetary policy are clear and outweigh the potential costs (weakening of inflationary expectations, risks to the financial stability and future costs due to capital losses). Although this risk exists, the central bank, according to his words can cope with them and he has the tools (early tightening of monetary policy, improved supervision, etc.). Bernanke also warned of impending automatic fiscal retrenchment. His speech also suggested that the central bank should in the near future with the purchase of the assets stop (which markets are most interested).

Tomorrow will see the German consumer confidence for March, which is expected to moderate improvement. Consumer confidence will be published in France and other confidence indicators for the euro area. Given the outcome of the election, markets will be closely monitored and Italian auction 5Y and 10Y government bonds. In the event that the auction did not work well, the pressure on the weakening of the euro resumes. The U.S. will be the most important orders of durable goods in January, which would have no volatile traffic increase by 0.2% m / m (according to our colleagues at the SG should stagnate). Will there also another indicator of the real estate market.

Author: Jiri Skop

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