النشرة الاسبوعية

♦ EUR/USD

Indecision is the major player
On Monday, global markets had a very slow start of the new trading week.The single currency was pressured at the beginning of the week by a lackluster European economic data. Germany whole sales price index in Germany rose 0.1% (MoM) in February, less than the expected 0.3% rise, while the harmonized index of consumer prices climbed 1.8% in February, lower than the 1.9% rise recorded in January. Also, the seasonally adjusted current account deficit in France widened to €5.0 billion in January, following a revised €3.8 billion deficit registered in the previous month. Moreover,industrial production in the Euro-zone fell 0.4% (MoM) in January, compared to a 0.9% rise recorded in the previous month. Additionally, the nonfarm payrolls in France declined 0.3% (QoQ) in the Q42012, compared to a revised 0.2% drop recorded in the previous quarter.Investor sentiment further dented after a debt auction in Italy saw long-term funding costs rise as the Treasury sold three-year and 15-year bonds at its first bond auction since Fitch cut the country’s credit rating. On the other hand, the two-day European summit gave European leaders a chance to discuss budget policies, with signs that France, Italy and Spain could be given more time to meet deficit as the EU leaders aim at loosening economic shackles once demanded by Germany. In their summit, leaderscalled for greater focus on growth and less on austerity which helped boost the single currency against the greenback. Leaders in the European Union (EU) member states called for greater flexibility on deficit targets and a focus on growth over austerity, on the first day at EU summit.

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