A conservative monetary policy of the ECB will further strengthen the euro
Yesterday's auction of the ocean again finished moderate growth: Dow Jones closed in positive territory at 0.63% (9786.87 n), and a broad market indicator S P500 added even more, 0,747%, while its value at the close was 1,065.48 p . Dynamics of contracts for difference of U.S. indexes, which is an indicator of investor sentiment on the U.S. market opening today, is neutral. Dow is a symbolic contango by about 5 points, or 0.05%.
Quotations black gold, after declining reserves of crude oil and despite the increase in stocks distsillyatov and gasoline in the U.S. last Wednesday confidently entrenched near the mark 70 dollars /barrel. Quotes oil futures are attempting to return to the medium-term rising trend (from March 2009), but the range of 68-70 dollars per barrel for Brent-have so far looks insurmountable. It seems, in the foreseeable future is waiting for us to continue vysokovolatilnyh fluctuations in the oil market is held after a sharp rise in volatility over the past two to three weeks. Current value of oil futures with the nearest expiration, the Brent-WTI y and are, respectively, 69.33 dollars /barrel and 71.22 dollars /barrel.
keeping the base interest rate at the same level of 1,0% would, according to the ECB to stimulate economic growth in the medium term without risking a substantial increase in inflation. Positive news were confirmed to stabilize the economy and plans for the euro area the ECB not to raise the base interest rate in the foreseeable future, so as not to hinder the pace of economic recovery. According to our estimates, this news should have a positive impact on global capital markets. We note that investors reacted positively to the statements by Heads of the ECB. The regulator said the stabilization of the economy, with no plans to increase the base interest rates. In addition, the ECB is concerned about the strengthening of the euro, which could harm exporters, further evidence in favor of plans to maintain the base interest rate at relatively low levels. We believe that in the short-term preservation of the base interest rate at low levels will put pressure on the euro. Nevertheless, in the medium term, generally more conservative monetary policy of the ECB, in comparison with the actions taken by other major central banks worldwide will further strengthen the euro.
While market participants are moving up the European currency, the probability of growth of other currencies, commodity markets and shares retained
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