Equitable Europe is riding on hesitant America today


European stock markets have moved higher after initial mixed performances, posting solid gains in some cases. The pan-European Stoxx Europe 600 index is up half a percent. Surprisingly, not much has changed after the Wall Street open, trading only mixed around yesterday’s levels. At the same time, we do not see an important impulse on the market that should send Europe upwards.

Bond yields aren’t moving much today. In the afternoon, we do see a downward trend, but it basically just means a return to yesterday’s levels. The Eurodollar rises slightly and reaches 1.0700.

Major macro data was not on the agenda today. Given that the Fed provided a big boost to the markets a week ago, it was expected whether its chairman Powell would not want to work with market expectations in today’s speech. It didn’t happen, monetary policy wasn’t a topic at all after all. In the evening, investors might still be interested in John Williams’ comment.

Oil is negative today due to weaker US consumption estimates. Gold advanced downwards by another half percent. After minor fluctuations, the koruna is trading a little stronger at 24.60 per euro. This is partly inspired by the zloty, which is strengthening after the central bank’s decision. Despite expectations, it did not lower interest rates and left them unchanged.

Overview of exchange rates of the most important currencies today at 17:02 CET:

CZK/EUR 24.6058 -0.0874 24.6816 24.5903
CZK/USD 22.9805 -0.1412 23.1320 22.9735
HUF/EUR 379.0991 0.0985 379.9375 377.8127
PLN/EUR 4.4430 -0.3836 4.4816 4.4279
CNY/EUR 7.7953 0.0657 7.7967 7.7573
JPY/EUR 161.5050 0.3691 161.5090 160.7000
JPY/USD 150.8580 0.3099 150.9850 150.6090
GBP/EUR 0.8712 0.1638 0.8715 0.8696
CHF/EUR 0.9621 -0.0691 0.9635 0.9595
NOK/EUR 11.9784 0.0568 12.0064 11.9264
SEK/EUR 11.6571 -0.2178 11.7097 11.6509
USD/EUR 1.0706 0.0636 1.0710 1.0659
AUD/USD 1.5584 0.3117 1.5605 1.5504
CAD/USD 1.3798 0.2317 1.3805 1.3755

The article is in Czech

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