European session: Draghi comments increased the demand for risky assets

Data:

06:00 Germany Gfk Consumer Confidence Survey August 5.8 5.9 5.9

08:00 Eurozone M3 money supply, adjusted y/y June +2.9% +2.9% +3.2%

The euro jumped against the dollar by the most in almost a month after European Central Bank President Mario Draghi said policy makers will do whatever is needed to preserve the 17-nation currency.

The main event of the European session was the presentation of the ECB Mario Draghi, who said that the regulator is ready to do any measure necessary for the salvation of the euro-zone collapse. At the same time Draghi said that the euro zone is much stronger than many people think, and the deficit in the European Union is less than in the United States. In addition, he stressed that the last EU summit was very productive. According to Draghi, first and foremost, you must install the banking supervision, which is well modeled. At the same time to exit from the crisis need to do more integrated euro area.

After the comments Draghi's readiness to support the ECB's euro yield on the 10-year bonds had fallen under the Spanish mark of 7%, while the euro rebounded from morning lows and slumped to around $ 1.2290.

Earlier, the euro declined after it became known that the international rating agency Moody's Investors Service downgraded the rating of 17 German banks to "negative."