Also the Euribor 3 months EUR rate fell 0

Little inspired and fearing that the current consolidation does to moult in strongest correction, or even reverse trend, European stock markets were still febrile yesterday. For evidence, they won clearly in day the figure of the unemployment benefits in the United States, the source of this hole of air was indeed poor but far from being dramatic. Finally, the CAC 40 fell by 0.68, to 3.163,10 points (read page 17), and London and Frankfurt markets were completed on a respective folds of 0.64 and 0.73.

Day had not started to these markets with the announcement of a decline in industrial orders in the euro area in April for the ninth straight month. Thus, they fell by 1 of one month to another, from the European Institute of the Eurostat statistics. However, the figure for March was revised upward with a decrease of 0.2, against a decline of 0.8 previously estimated.

In the aftermath of the massive injection of 442 billion in the market by the European Central Bank (ECB), the rate at which banks lend each other are relaxed. Also the Euribor 3 months EUR rate fell 0.05 to 1.15. On the segment of government bonds, a slight relaxation movement occurred because of disappointing European statistics attesting to a scenario of "soft" and non-inflationary recovery on the Continent. The performance of the French reference to 10-year OAT thus declined 3 basis points to 3,787. Same tone across the Atlantic, where the performance of the T-Bond 10 years is closes 5 basis, 3,6016 points, closing European awards. In the United States, gross domestic product (GDP) finally fell by 5.5 annual rate in the first quarter, according to final figures released yesterday by the U.S. Department of Commerce, whose previous estimates projected a decline of 5.7. After a plunge of GDP of 6.3 in the last quarter of 2008, these latter figures were an improvement any relative activity during the first three months of the year.

Progression of the dollar

Since then, statistics confirmed the slowdown of the degradation without to signal an end next crisis. Moreover, the announcement that 627.000 people have filed an application for unemployment allowance the week closed on 20 June, or 15,000 more than the previous week, weighed a time on Wall Street before that US stock markets leave enough significantly to increase. Closing, the Dow advanced 2.08, to 8.472,40 points, S & P 500 advanced by 2.14, to 920,26 points, and the Nasdaq featuring 2.08, to 1.829,54 points.

Adjusting to Wall Street, the greenback was in progress with a euro 0.34 against the dollar, 1,3949 dollar, and a book down 0.8, to 1,6354 dollar. On the Exchange, eyes were still on to the Swiss franc. The Swiss National Bank would again intervene to sell its currency against the euro and the dollar to limit its assessment.

This alleged intervention, not confirmed by the Swiss authorities, still weighed on the Swiss franc. The euro is thus appreciated to 1,5380 Swiss francs in day to finish at 1,5294 Swiss francs. (1) Work relating to the interventions of the Swiss National Bank on its currency, for the purchase or sale, show that this approach has met with some success in the past (1986-1998). It is one of the privileges of the central banks. It is not necessary that their interventions are important in volume so they succeed. It is sufficient that they are visible and unpredictable in their amounts, duration...

Operators must feel that bet against Central Bank exposed to some frustration some. However, the volatility of the Swiss franc remains generally high after such actions. The time for a new consensus of market will emerge.