Investiční bankovnictví (Komerční banka)
World markets  |  March 07, 2013 07:31:00

The euro fell back below 1.3000 USD / EUR

After Friday's flirtation with the level of 1.3000 USD / EUR Yesterday the USD / EUR managed to get below this level. The common European currency is essentially lost during the whole of yesterday. While at the beginning of yesterday's European session course is located just above 1.3050 USD / EUR at the end of the U.S. session the course already come under 1.3000. During today's Asian trading trend continued and stopped down to 1.2965 USD / EUR.

Dollar against the euro only fail, but basically against all currencies. The dollar index is the highest in almost six months. Position of the dollar correlate significantly with the bull trend in the U.S. stock market. The S & P500 ended yesterday above 15,000 points, the highest in history. Both are a reflection of investors' confidence in the growth prospects of the U.S. economy.These expectations yesterday endorsed a decent data from the February labor market, as it is brought agency ADP. Conversely Refined European GDP data for Q412 confirmed recession in the eurozone.

It seems that changing the nature of the behavior of the U.S. dollar. The one in the past, primarily reflecting investors' degree of risk aversion and reacted rather positively to negative data. Lately we are seeing a positive correlation between the dollar exchange rate and U.S. macroeconomic indicators. The scope for further strengthening of the dollar today can create an indicator of the number of applicants for unemployment benefits in the U.S. last week, and especially tomorrow February's statistics from the U.S. labor market. SG Economists expect positive surprises. With regard to the European data, markets will closely watch the outcome of the January German corporate orders.They say a lot, whether German economic slump in Q412 was only a short-term spike or not. Leading indicators suggest a positive entry of Germany into the new year.

Author: Jan Vejmělek

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Euro se opět propadlo pod 1,3000 USD/EUR

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