The single European currency remained stable against the dollar as against most other currencies Friday afternoon. At this time, the euro stood at 1.3442 dollars, up 0.10% symbolic. The wait is expected to continue until the publication of figures US employment for September.
Against the Swiss franc, the movement is much more pronounced (- 0.01% to 1.2367), nor against the yen (+ 0.14% to 103.04), although a decline is in Over against the sterling (- 0.58% to 0.8650).
Traders digest the ads the day before. The ECB and the Bank of England left their interest rates unchanged. But in London, analysts have revised up the policy of quantitative easing from 200 to 250 billion pounds. A North European trader calls this decision? QE2 for the Bank of England?. The book, which had lost nearly 0.8% yesterday against the euro after the announcement, seems to be back now.
Changes in the team of Pictet & Cie, the recovery of the euro in recent days does not impress:? Orders to industry in Germany for the month of August were down 1.4% d a month to month, against 0.3% expected. This decrease demonstrates the difficulty of the European economic situation. The speech of Jean-Claude Trichet is not reassuring and shadows, uncertainties and danger have greatly increased.
However, the market appears reassured when the Europeans finally seem to have considered the balance sheet problems of many of their banks, notably under the aegis of the Commission.
The measures should enable the financial sector to avoid a crash and important to back pressure that exists on this very sensitive time. Banks find themselves under strong pressure and the ECB and central banks around the world will take steps to avoid any slippage, Says Pictet.
Indeed, the ECB will conduct buybacks and bond measures to improve liquidity in the long term. ‘One of the reasons for the weakness of the euro is the low confidence in its banking sector’, which explains a resumption of the currency will resume when the outlook is improving.
In terms of economic statistics of the morning, the French budget deficit was significantly reduced at the end of August, an increase in revenue is coming in addition to the tendency to reduce state spending. In addition, the trade deficit of France fell in August to just under five billion euros, against nearly 6.4 billion in July, an improvement due entirely to the transport sector.
On the other hand, German industrial production has relapsed by 1% month on month in August, after rising 3.9% the previous month (revised to July compared to 4% in the initial estimate). But she had expected a decline of 2%.
At 14:30, operators will learn the unemployment rate in the United States, expected stable at 9.1%, and the number of jobs created for the month of September, to 55,000 expected after they were invalid month above.
