Germany has approved euro growththe Yesterday`s auctions have come to the end with confident growth of an euro exchange rate in the world market to a mark of $1,3467 for ˆ1. Investors won back the decision of German parliament to approve granting of the second package of the financial help of Greece in size ˆ130 billion However spent European Central Bank (ETSB) program of currency stimulation can interrupt within the next few days strengthening of the European currency.
after a pause taken at the auctions on Monday, yesterday the euro exchange rate has renewed growth. During the auctions it reached a point of $1,3467 for ˆ1 that on 0,5 % above previous day closing. Actually European currency has returned to the three-monthly maximum established in the end of last week. Has strengthened an euro exchange rate the positions and in the Russian market, following the results of day on the Moscow Interbank Stock Exchange the course has made 39,015 rbl. for ˆ1 that for 14 copeck above closing of Monday. Strengthening of the European currency was promoted by messages that the day before late at night the German parliament has approved granting of the second package of the financial help of Greece in size ˆ130 billion According to analyst BKS of Mark Bredforda, refusal of German parliament to approve the second tranche would threaten the reached agreement across Greece and could cause similar reaction from parliament of other countries of Europe.
inspired with the decision of the Bundestag investors have ignored the decision of agency Standard and Poor ` s (S &P) to lower a long-term rating of Greece to level “ a selective default “ (SD). Rating fall became reactions to inclusion by Greece in position terms of the exchange about collective actions which forces to carrying out of a swap and write-off of a part of a face-value of papers, including those investors who will voluntary disagree to take part in re-structuring. “ News about decrease in a rating of Greece have been neutrally apprehended by the markets though promoted that ETSB has temporarily ceased to accept the state papers of the country as pledge “ - the analyst " marks; Atona “ Elena Kozhuhova. Besides fall of a rating of Greece from agency S &P has appeared “ soft “ “ as the rating can be raised after end of process of re-structuring of a debt “ analyst GK " marks; Alor “ Natalia Lesina.
In such conditions of the country of Europe continue to involve promissory notes successfully. Yesterday Italy has placed state bonds with terms of the reference five and ten years for the sum ˆ6,25 billion Profitableness under five years` obligations has made 4,19 % in comparison with 5,39 % month before, profitableness of ten years` papers has fallen from 6,08 % to 5,5 % - the minimum value since September of last year. Demand for both releases of state bonds has exceeded the offer in 1,4 times.
However, experts doubt that euro strengthening will be long. Against it operates ETSB which will spend today auction on delivery of three-year credits under the rate of the annual of 1 %. On December, 21st, 2011 ETSB has already given out to the European banks three-year credits in volume ˆ480 mlrd, having weakened the European currency in the end of the year. This time, according to Goldman Sachs, the European banks can borrow ˆ680 billion “ Initial reaction to injection of new liquidity was positive, but as it not that other, as inflating of bank system by cash subsequently it will lead to euro exchange rate decrease “ - Dmitry Sadovyj adds director Simargl Capital.