But when they will address the Outlook for 2011 iThe first two parameters are less useful in this wayIn l ' Oréal awareness is even more recentDanone said the increase in organic growth of 6The State has for the moment given step suiteThe objective is always the new authority to be operational in midFebruaryA plan which should then be extended to the PQROr as industrial Roland Junck has been provenThis singular destiny nothing does the portended a prioriAs the Dalai Lama he travels to the WestForces that underpin the evolution of parity entering more than one year are being tested. The foreign exchange market specialists questioned a return to "normal", i.e. a positive correlation between the course of the dollar and us economic statistics. The publication, beginning of December, the last report on employment in the United States, which proved much less dark than expected, perhaps initiated a turning point.
The euro, thought to touch 1.60 dollar, rose from 1.50 to 1,4504 dollar yesterday, the lowest of the meeting in Europe. Over the period, the dollar index, which measures the parity of the greenback against six other major currencies worldwide, rose 74.6 more than 77 points. While a battery of us indicators focused attention, Tuesday, the dollar jumped to its highest level for two and a half months.
Growth gap
"The idea that us growth model - mortgage financial long term - is unfavourable to the dollars, it dulls", said Alan Ruskin of RBS. Why The strategist noted that there is a difference of growth between the United States and the eurozone in the fourth quarter, while the recession has been more severe on the Continent. According to him, the market may be persuaded that the transatlantic policies lead to a robust recovery, which will reduce the deficit.
After promising employment and retail sales, investors were informed yesterday by a number of industrial production above expectations, with growth of 0.8 in November. "This indicator reinforces the scenario of a GDP growth of at least 3 in the last quarter," assures James Knighley at ING.
Will the reserve US Federal, which renders its verdict on rates tonight, discuss these economic improvements in its release This is the question that shakes markets. BNP Paribas team including noted that there is a link between employment and the improvement of the capacity to use and that, for the Fed, this last factor is generating inflation. The market will be very attentive to the comments on the subject, especially as Tuesday, the price came out well above forecasts. Dead inflation issues also still rose: on 2-year bonds, the anticipated inflation reached 1.05 and those 10 years 2.27.
Revision of the paris
In this context, investors are also revising their paris to lift interest rates. From futures contracts, the implied probability of an increase in rent of money to 0.50 at the meeting of June 2010 rose above 50. The release of the Fed could strengthen the feeling that the change of monetary environment is near if ever mention of keeping rates low "for a long time" was abandoned. In the meantime, the prospect of a tour of early screw in the US than in the euro area is a factor of support for the dollar, in the same way that the idea of a growth differential between the two regions.
In addition, the currency single wiper of headwinds to because of concerns about the finances of the Greece.
So far, foreign exchange dealers waive not yet consider the aversion to the risk (or appetite for risk) as a catalyst for movements on the currency. Until the beginning of the month, the greenback lost foot despite signs of recovery. The weakness of performance by the dollar against other currencies (the euro, but primarily currency related commodity) explained this phenomenon. If the Fed hardens tone of his speech today, this configuration may endure.
