Christine Lagarde: central banks do not need to speed up the check-cash recovery

Christine Lagarde: central banks do not need to speed up the check-cash recovery

London, New York, Jackson Hole (Wyoming) – Reuters

Sunday, August 25, 2013

NasdaqSaid Executive Director of the International Monetary Fund Christine Lagarde said the central banks in Europe and the United States and Japan does not need to accelerate the termination of their policies of non-conventional monetary recovery that proceeded to apply in an effort to stimulate growth.
But Lagarde also noted in a speech in the annual symposium of the Federal Reserve America (Central) on monetary policy in Jackson Hole night before yesterday, to be on the mainframe to work together to reduce over the effects of any halt to the policy of recovery cash may curb global growth.
He added that «the policies and coordination of policies have not yet reached the level that must be it. The failure to move on the global level in order to play each State, in turn, has put the global recovery at risk. Officials attending central banks around the world, the annual meeting hosted by the Federal Reserve branch in Kansas City Reserve Grand Teton National Park mountain in the U.S. state of Wyoming.
Lagarde spoke at the lunch table on the first day of the two-day meeting, noting that the fears that ending the U.S. central bank’s monetary policy for recovery, sent a blow to the emerging markets in the past few days. But she added that monetary Check Recovery will run at a slower pace than ‘fear’ markets.
Lagarde said: «do not propose to accelerate the end of the policy of monetary recovery. There is still a need to unconventional monetary policy in all places where they apply despite the fact that it may be longer for some than with others. In Europe, for example, there is ample room to take advantage of the non-conventional monetary policy, as well as in Japan. And very likely to end the monetary recovery is still some way off.
The Federal Reserve Board is expected to begin reducing its monthly purchases of bonds later this year. But he blew in June volatility in global financial markets soon to talk about easing procedures. But Lagarde said that no reason why central banks unable to manage Check monetary recovery itself, which achieved success when it launched the policy is traditional in the midst of the financial crisis.

Capital markets
Moreover, the dollar fell against a basket of major currencies at the conclusion of trading in New York at dawn yesterday, down from its highest level in three weeks against the yen after data showed a sharp decline in sales of new homes in the United States, undermined expectations that the U.S. central bank reduces month next program to buy bonds. Following the publication of data euro jumped above the $ 1.34 level rebounding toward its highest level in six months, which struck on Tuesday. And received the European currency also supported by signs of improvement in the economy in the euro zone. The dollar index, which measures the greenback’s value against a basket of six major currencies 0.2 percent to 81.360 points.
The euro in late trading on the New York market of $ 1.3383, up 0.2 percent from the previous closing level also supported by comments from an official policy-making committee of the European Central Bank said he sees no good reason, because the bank lowers interest rates. The euro ended the week up 0.4 percent, expanded its gains since the beginning of August to 0.6 percent.
Against the Japanese currency the dollar fell 0.1 percent to 98.74 yen after hitting its highest level in three weeks at 99.15 yen, according to the data told Reuters. Over the week, the dollar rose 1.1 percent against the yen expanded its gains since the beginning of the year to 13.7 percent. The euro rose 0.1 percent against the Japanese currency to 132.04 yen, after touching its highest level in a month at 132.42 yen. The dollar also fell against other currencies, including the Swiss franc and the Australian dollar.
Gold prices jumped about two percent registered their highest level in more than two months near $ 1,400 an ounce after new sharp fall in sales of new homes in the United States hopes that the U.S. central bank keeps its bond purchases to stimulate the economy. The precious metal ended the week on an increase of 1.6 percent in the third consecutive week of gains. Gold rose in six of the past seven weeks since it aired on June 28 to 1180 dollars per ounce, the lowest level in three years.
The price of gold for immediate sale in late trading on the New York market 1396.49 dollars an ounce after he jumped in earlier in the session to $ 1398.20, its highest level since June 7. And U.S. futures rose gold for delivery in December (December) $ 25 to record settled at $ 1395.80 per ounce.
Silver showed better performance than gold بصعودها about four percent to the highest level in three months and a half months with the downturn of both the dollar and U.S. Treasury yields. And silver rose above $ 24 an ounce for the first time since May 9 (May). And recorded during trading $ 24.08 before slipping back to $ 23.96 in late trading in New York. Platinum fell 0.25 percent to $ 1534.49 an ounce and palladium 0.8 percent to $ 746.47 an ounce.
U.S. stocks rallied in the second session of gains supported by a jump to «Microsoft» after news that the company’s chief executive Steve Ballmer will retire within 12 months. Stock Exchange ended the Nasdaq session without incident a day after the suspension of trading for a few hours due to a technical glitch.
The benchmark Dow Jones industrial average shares of major U.S. companies trading session up 46.77 points, or 0.31 percent, to 15010.51 points, while the benchmark Standard & Poor’s 500 is broader 6.54 points, or 0.39 percent, to close at 1663.50 points.
The benchmark Nasdaq Composite, which IXIC> was up 19.08 points, or 0.52 percent, to 3657.79 points. The Dow Jones ended the week down 0.5 percent in the third place came the Standard & Poor’s 0.5 percent and the Nasdaq 1.5 percent.