EU leaders agreed yesterday to establish a single banking supervisor for the 6000 banks inside the Euro zone by 2014, opening the way for its rescue fund to inject capital directly into debt ridden banks. A legal framework shall be adopted by the end of this year giving the European Central Bank (ECB) overall responsibility for banking supervision. Most day-to-day oversight will still be delegated to national bodies. An effective banking union is regarded as a first important step to overcome the euro zone three-year old debt crisis.
Asian shares eased on Friday as markets consolidated gains from a three-day rally. Last night also Dow Jones and Nasdaq ended in negative territory. Both Google and Microsoft delivered weaker than expected quarterly results. This weighed in on market sentiments.
The Euro was resilient trading at 1.3070 in morning hours in Asia 70 basis points down from the one-month high on 1.3140 reached on Wednesday. The single currency edged higher toward Japanese yen which also continued to fall against the USD. The down-side risk for the Euro is looking weaker short-term. The Euro/USD will probably remain in its recent broad range. Momentum seems to build up to a new test on the technical resistance level on 1.3175. The dollar index against six most traded currencies remains stabile.
Gold prices slipped to 1735 and trades at present on 1739. Recent positive third quarter company results have together with better housing numbers boosted US Treasury bill yield and supported the dollar. Appetite for precious metals bullions have consequently decreased over the last days. Silver reached 32,70 yesterday down from 33.30. Brent crude fell to USD 112 a barrel. It has stabilized in morning trade, at 112,40. NYMEX. New York crude is still trading above 92.
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