Euro recorded strong growth of over 2 percent against the U.S. dollar yesterday, gaining support from weak U.S. economic data and encouraging signals of financial stability in the euro area. This caused a significant drop in the price of oil and gold, which yesterday lost more than 3% of its value. The single currency has reached the level 1,25 EUR / USD, which is its highest value since June 21. The appreciation came after news of another problem in the U.S. housing market and because of data problems in the labor market and the slowing of production activity. Meanwhile, the ECB yesterday organized an auction for commercial banks’ lending, which was used quite a bit of financial institutions. This and the success of the bond issue in Spain, have strong support of the single currency. On the New York Stock Exchange yesterday, oil contracts with delivery in August dropped by 3.5 percent to 72.95 dollars a barrel. This is the lowest cost of raw material from 8 June onwards, and earlier this morning quotes remain at the same level. This means that travel week black gold has dropped by as much as 7.2 per cent, taking the greatest decrease in the week since May 7.
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The week ended with the fall of most leading stock indexes in Asia as a reason for that and today was the news from China. Forecast of Goldman Sachs showed that the country’s economic growth will fall below 8 percent on a quarterly basis in the second half of the year, which was disappointing for markets. As a result, Shanghai Composite fell 2.1 per cent, but at the end of the session managed to hit the green with a 0.4 per cent to 2383 points. Despite the growth, however, the index has lost more than 7 percent last week. Shortly before the end of the regional trade index MSCI Asia Pacific is moving at a decline of 0.4 percent to 111.49 points. This means that it fell by 3.6 per cent for the week and its value reached its lowest level in three weeks. At the opposite pole today was the major index in Taiwan Taiex, which rose 1.06 percent to 7 330.74 points. This is due to the trade agreement signed with China earlier in the week. Expected by him to achieve acceleration of the integration process in the region of Asia. Today in Tokyo the Nikkei 225 rose 0.13 percent to 9203, 71 pp. However, the index decreased by more than 5 percent last week.
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