Investiční bankovnictví (Komerční banka)
Currencies  |  March 14, 2013 08:19:00

The currency lost in the middle

The common European currency yesterday failed when the dollar lost from morning levels around 1.3040 USD / EUR to a daily minimum 1.2924. Later, some of their losses, while erased, but this morning trades significantly weaker at 1.2950. The reason is the different development of the U.S. and European economies. While disappointing European data (industrial production in January fell by 0.4%, which was below market expectations), the U.S. economy is doing (its retail sales growth of 1.1% exceeded expectations, but also managed sales and no volatile car fuel materials). On the other hand, not so nothing surprising in yesterday's data, not the data only reflects a way of solving problems in the U.S. versus in EMU.Markets, however, the difference in economic development in recent react, which could finally lead to a stronger euro losses (along with the growth of speculation in the earlier end of quantitative easing in the U.S.).
Today will be published in the U.S. in February prices in the industry and in particular the new application in the unemployment rate, which should confirm the improving image of the local labor market (should safely hold below the 400 thousand.). Interesting data come from EMU periphery, while we wait for the Spanish retail sales for January and the unemployment rate in Greece (for Q4 12).
Conclusion week will bring important political events.Today and Friday will be the sign of the EU summit, where, however, do not expect a major shift, even if the apparent effort that fiscal consolidation carried out with regard to the impact on economic growth. The need for structural reforms remains obvious. The second event is the fact that on Friday, will meet the newly elected Italian legislators. Italian President should appoint the prime minister, who will try to form a government. Given the election result, however, is almost superhuman performance. A political uncertainty is reflected also in the financial markets.

Author: Jiri Skop

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