A recognized degree is of course essentialIn three years the index had declined from 35It research this is the project the envyNegative the price of wines by the glass 7 clNew forms of payment credit card InternetBut the hole of air in operating margin which is 11Some such as California are incompetent6 after fifteen years of R D and invested 27 millionRenewable energy have also the wind notes on several areasBut activity index of the Chicago Fed from 0The foreign exchange market may turn to a new phase. For the first time ever, the announcement of good news about the US economy resulted an increase in the dollar. The correlation which prevailed during the crisis seems about to be broken. The report on employment in the United States, unveiled Friday, has been source of relief: despite a rate of 9.4 unemployment, the destruction of positions have significantly slowed in May. Improvement in the labour market, prelude to a solid recovery in consumption, is a signal very hard for financial markets.
Their response has been great. The dollar, compared to a basket of six major currencies, rose to a level of 79,35 Thursday night to close 81.50 yesterday at the top of the meeting. The euro retreated 1.06 against the greenback Friday and retreated still strongly yesterday, yielding up to 1.52, to 1,3806 dollar, at the meeting. "Better than expected us figures pushed operators to ask how much time yet the Fed would maintain its rates at crisis levels," observed Chris Turner, at ING. Expectations of monetary policy are full upheaval: from futures contracts, the likelihood of an increase in the rate at 0.50 at least here in November is mounted to 58, 26 a week earlier. The escalation of State bonds to 2 years yields reflects this change. Friday, the US short rates are strained almost 34 basis points. Yesterday, they have still climbed day by 6 basis points, to 1,3575 their more top of the year.
According to strategists Dresdner-Commerzbank, the environment becomes favorable to the dollar. "The prospect of market interest in what happens after the recession confirms our positive vision." Participants should agree on the fact that the United States are better placed to combat the crisis that many economies.
Europe under tension
New degradation of the note by the Ireland by the & Standard Poor's Agency also supported this idea. Europe finds itself in a very tense situation. The negative probation of the Latvia (see box) also emphasized the great fragility of the neighbouring States.
In the past weeks, foreign exchange dealers tended rather to focus on the risk linked to us deficits and future inflation. Fears that the holders of Treasury bills to distract from these assets have weighed on the greenback. After China, the Russia has, also brandished the threat of a substitution of the dollar in its foreign exchange reserves.
For the time being, the figures show however that the central banks continue to buy the dollar. For after Bloomberg, the BRICs (Brazil, Russia, India, China) have increased their reserves of more than 60 billion dollars in May. These countries, China head, hold about one-third of the U.S. Government securities.
The Bric Summit to be held June 16 could cause turbulence. This meeting will provide a forum to the four States to advocate for an alternative to the dollar. Another appointment will be crucial for the dollar in June: the meeting of the US Federal Reserve, which could decide to increase its purchases of sovereign bonds program to maintain low rates. Such an announcement would penalise the dollar.