Markets  |  April 19, 2013 16:05:00

Interest rates in the EU are likely to remain unchanged

German Finance Minister Wolfgang Schaeuble and German central bank chief Jens Weidmann today agreed on the importance of creating a new banking union. Indirectly urged the European Union to the next step in deepening integration. If they heard their words, so we can expect the amendment of contracts simultaneously. According to Schaeuble, Germany is now ready to support this proposal and both believe that banking union should start work as soon as possible.

Euro today significantly strengthened thanks to the mention Jens Weidmann, who rearranged his previous statement on interest rates in the euro area. His speech later this week, the markets had misunderstood when Lord Weidmann talked about the European Central Bank (ECB) could cut interest rates.Today, however, modified his rhetoric and said that he does not consider it necessary to modify the current rate of 0.75 percent and considers it to be adequate to the current economic situation. The reduction is possible only if the worsening state of the euro area economy.

EUR / USD once again approached the critical Fibonacci level of 38.2. Intraday trend remains bullish and holding a growing trend channel. In the medium term, the market still remains without trend and the need to pay attention mainly due to higher time frames. The positive reaction of the euro is due to initial expectations that Weidmann publish information on the possible reduction in interest rates. Basically, everything remains unchanged.

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