Euro wins back lost trust

The euro has also profited on Thursday from the development
around the national debt crisis in Greece and has won back lost trust.

Compared with the pound of sterling there rose the communal
currency on a month high 15, but also compared with the
Swiss franc he increased more clearly. To the dollar the euro rose in the today’s high on 1.4527 USD and with it on the highest state for three weeks.

The euro of the approval of the Greek parliament with the conversion of the new savings package got tail wind. With 155 yeses the ruling socialist PASOK party received the necessary majority for the implementation law to the day before already in the principle from the parliament to approved reforms. The savings package intends for the years from 2012 to 2015 beside tax rises and expenditure cuts of about 28 billion EUR also extensive privatisations in the extent of about 50 billion EUR.

Besides, positively is to be evaluated that the Federal Government and the German banks have agreed basically on a plan for the participation of private believers in a rescue of Greece. “At least for to including in 2014 to becoming due loans (a total of 2 billion EUR) every involved institute will make available financing again”, one said in an explanation widespread by the federal Ministry of Finance. Measured in the whole engagement of German banks of 10 billion EUR this is a “relatively more restricted” portion, the Minister of Finance put away.

Positive economic data from the USA helped the dollar in the afternoon to no positive impulse. The shopping manager’s index for the processing trade of the region around Chicago has improved in June unexpectedly. He rose on 61.1 points after 56.6, 53.0 had been expected. After the mood indicators from the processing trade of the USA during the last months in the free fall were had, provided of the Chicago-PMI now for hope. In particular, because the components close to production clearly improved. Besides, the prize component signalled a further declining pricing pressure and damped the inflation worries. However, a drop of bitterness is a renewed decline of the occupation component.

The good abscission of Chicago PMI provides for tension by the publication of the national ISM index on Friday. Since differently than in and around Chicago the mood values fell in other Fed districts further. Probably this is also the ISM index an other decline will show. However, he might still lie in the expansion area and point with it to an expansion of the line of business.

The fine ounce gold takes down Fixing in London with 1,505.50 USD by the afternoon, after it had been ascertained in the morning with 1,508.00 USD.

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