Currencies  |  March 27, 2013 16:06:20

When past is knock on the door

The mood in the market was exacerbated us every moment, the euro is the lowest since November 2012 and still have not found the bottom. The problems of the periphery can be divided into those which spring in Italy and tie cyperské. Although the Italian problems are serious, it is not nothing, what would nerátalo. Given the political vacuum stand up for reform and retrenchment, Italians are requesting relief from the goals, and the politicians do not know to agree on a government. This may result in a reduced rating of Italy, but now about it yet can not speak. This is just one night happens.

Greater concern, however, produces Cyprus. He had long ago should have been compulsorily saved, closed the gates to the capital, the banks remain closed and many many are calculated, how much it's actually necessary to take from those deposit that everything was in order. Well and badly are counted when the base shrinking.Cyprian parliament was investigating who may be behind that of Cyprus in time and even a last minute escape the big money. A central bank had to allow, otherwise it did not go. At the same time, the haircut on unguaranteed deposits at the Bank of Cyprus (Laiki has no meaning, there shall be left longer or furniture) climbs from 30% to 50%. Cyperské accounts should be frozen, but it seems that it is too Cypre heat.

But today is not problem only financial sector peripherals, past catching up with even the very core of the euro area financial sector of Germany. Deutsche Bank is by rating agency S & P weakest capitalized major investment banks of Europe are on the rise and its costs of litigation. It is not just about the U.S. mortgage (adventures from time realitnej blowing bubbles in the U.S.) but also such allegations of infringement of U.S. government sanctions against Iran.And it can mean a number of things from the laundry after facilitate the transition of Iranian money through the bank. And it certainly means that the bank will have lower profits. Already the day before the expression of the S & P is expressed by the members of top management that they waive their remuneration for the year 2012. You probably already know that the situation is serious and real risk strata DB A-čkového rating. View has just been changed to negative. And if it is earned some money pokútnymi ways, legal disputes and a higher cost of financing a large part of them Trim.

So today we see a bleak mood, you enjoy just gold. Last day of trading we see in Gaza, while capital is pouring into stocks once, once in gold. Len euro it receives more and more confused. On the chart we can see the development of U.S. stocks (holding is a little better than the European), gray, the euro is in black and gold is in yellow.Gold took off from lunch sharply up (although morning declined with other assets), while U.S. stocks have refused further decline began proofread and no losses and the euro while ago he made a new bottom. So we can see what are the preferences of merchants. Shelter and the other side of the Atlantic. The eurozone could soon see a flight of capital, although the Eurocrats still think that these problems are addressed recA expenditures. This is only what they know, but I also have a problem with the team, as shown by the recent "prerieknutia" boss eurokomisie Dijsselboem. He first said that cyperský model becomes the template (template) and for other countries. This is a statement that said the ECB a week ago and nobody nevšimol it. But now stocks began to fall and so Eurogroup chief said that he and not say nothing all and even said it certainly was not what it did not have to say, and do not even know what it is a template.

Author: Thomas Swimmer | TRIM Broker, as | Trading on exchanges TRIM Broker

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