5 expected has no further warmed the atmosphere

The euro continues his exploration of the deep waters. Yesterday, the single currency has hit new levels since mid-June, 2009, under the bar of 1.38 dollar for 1 euro. A dynamic downward on the day of the announcement - unsurprisingly - by the European Central Bank (ECB) that it maintained its interest rates to 1. More than the monetary policy of the eurozone, it is the budgetary situation of the Greece - even put under tight surveillance European - and the Spain and the Portugal, who continues to impress investors on the status of the euro zone unfavourably now. The explanations of Jean-Claude Trichet, the Governor of the ECB, on the functioning of the stability pact - which guarantees in theory a level of deficit ceiling for members of the eurozone n ' were not satisfied. The ECB would prefer to offer a "carrot" to the virtuous countries, note in Threadneedle, while markets apply instead the policy of the "stick".

A head of Pimco advice even to "stay the gap of the euro". "". There is a misunderstanding between the European authorities and markets, said Jean-Louis Mourier, an economist at Aurel first consider the countries of the euro as a single block, while investors seek rather to test the strength of the whole in addressing the countries considered as more risky.

The plea of the ECB stressed that the cumulative deficit of the 16 countries of the euro remains lower than that of other developed countries like the United States or the Japan may therefore fall into a deaf ear. The Portugal has thus again been maltreated yesterday markets: long rates are stretched by 5 basis points. The "CDS" ("credit default swap", which measures a country the cost of insurance against a possible default) of Portugal and rose 32 points, at 226 points. Same slope for the Greece, of which the CDS was stretched by 26 points, to 415 points.

The decline of the euro is also read on the rise of the dollar strengthens against other currencies. "There is, as the beginning of January, a negative correlation between stock situation and the level of the dollar, note Jean-Louis Mourier." This is explained by a resurgence of nervousness to the risk. "Any bad news on the economic front, even in the United States, from strengthening it as a refuge currency.

Dark day

The greenback has strengthened despite disappointing statistics on the US employment front. The Department of labor announced yesterday that the number of registrations for unemployment had reached 480 in the United States last week 20,000 units more than expected-, against 472.000 a week earlier. Increase industry orders ( 1 in December, against 0.5 expected) has no further warmed the atmosphere.

This strengthening of the dollar is indeed within a day dark world awards (see below). Whether New York or, this morning, Asian scholarships. European markets, in Paris, which was closed down by 2.75, Madrid or Lisbon, have not been good. Thus leads to a paradox: the markets are plaintiffs austerity for the zone euro; but the prospect of actually applied measures, coupled with fears of a Chinese monetary tightening, weighs on growth prospects.