Markets  |  March 15, 2013 12:11:00

Tamed inflation in the euro area, the ECB's open space for Consumer Price Index (CPI) which is used to measure inflation in the euro area achieved year on year in February to 1.8 percent. Today's result was expected by majority consensus of economists. Value of 1.8 percent is moving very close to two percentage goals of the European Central Bank (ECB).

Due to the decline in prices of food, alcohol and tobacco inflation came in February to the lowest level since August 2010, when it was 1.6 percent. If we add moderate wage growth in the last quarter of 2012 and a weak economy in the euro area and the ECB appears scope for reducing interest rate from the current 0.75 percent.Economists even support this step and believe that a rate cut will bring success. The euro zone economy is expected to more recent forecasts drop of 0.3 percent. Bright side of the situation of countries on the periphery of the euro area is, however, very low wage growth, which helps to improve their competitiveness.

Hourly labor costs in the euro area in the last quarter of last year grew by 1.3 percent, while hourly wages increased by 1.4 percent. At the current level of inflation is a decline in real wages. For comparison, hourly costs in Spain in the last quarter of 2012 dropped by 3.4 percent, while in Germany overgrown by 2.9 percent. This is a good sign that the richer Germans will be able to buy more from the poorer Spaniards and support the economy of southern Europe.

Euro currency index BOSSAEURis currently seeking to pierce the declining trend channel, when detached from the moving average 100 (red) and started to resistance 127.0. There, in the case of stronger penetration could come back to the medium turn bearish trend, because against further strengthening is 23.6 Fibonacci level and moving average 200 (blue).

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