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27.07.2012 12:22

European session: Euro fluctuated on the reports of the ECB buying bonds

 

Data:

07:00 Switzerland KOF Leading Indicator July 1.16 1.24 1.43

12:00 Germany CPI, m/m (preliminary) July -0.1% +0.4% +0.4%

12:00 Germany CPI, y/y (preliminary) July +1.7% +1.7% +1.7%


The euro rose against the dollar after German Finance Minister welcomed the ECB's intention to do everything necessary to support the euro area. Recall that the European Central Bank President Mario Draghi on Thursday vowed to do everything possible to prevent the collapse of the euro area.

Market volatility and fluctuations in the euro were due to contradictory reports of purchases of government bonds of countries of concern on the part of the ECB. Thus, the publication of Le Monde reported that the European Central Bank is ready to buy Spanish and Italian bonds. At the same time, the Bundesbank said that Germany had not changed its opinion on the ECB's purchases of government bonds, as the ECB's unlimited purchases of government bonds would be contrary to the mandate and believes that public deficits should not be financed by printing money.

It also appeared on the market talk that the ECB and the fund EFSF prepare a joint plan to support Spain and Italy. The program will buy EFSF bonds in the primary markets of the two troubled countries until September, after which it will ESM. As for the ECB, the central bank will take part in the operations only if the authorities will use the funds saved. Other sources are indeed added that, according to the plan, the ECB will make purchases of bonds in the secondary market.

In the evening the attention of markets will focus on macro data from the U.S. - will be published data on GDP and consumer spending.


EUR / USD: pair rose to the level of $ 1.2333

GBP / USD: pair rose to $ 1.5745

USD / JPY: pair dropped to Y78.06


U.S. at 12:30 GMT will change in GDP, the GDP price index, core personal consumption expenditures index, an index of personal consumption expenditures for the 2nd quarter, at 13:55 GMT - the indicator of consumer confidence from the University of Michigan in July.

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