He was then refused to use the term vigilance

The European economy is better, for the benefit of the euro, close to the threshold now of 1.27 dollar. The publication yesterday, index PMI of Directors to purchase for the area caused a return in strength of the currency and the decrease of European bond markets. 56.7 Points in April after 56.1 in March, this indicator is now at its highest level since September 2000. What bring the euro to 1,2626 dollar yesterday evening, after one more top to 1,2690 the day before.

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"According to the manufacturers of the euro area, April had the best economic conditions for more than five years, the survey providing more and more obvious signs of the sustainability of the current period of growth," commented Kevin Gaynor, Chief Economist at Royal Bank of Scotland (for which data are researched).

For Philippe Waechter, an economist at Natexis Banques Populaires, "the growth cycle is triggered. For him, "the diffusion of the improvement of the situation of the undertakings to the labour market takes consistency". In fact, the cycle becomes stronger, "he will soon resist a tightening of monetary policy of the European Central Bank". A view shared by Kevin Gaynor, for which "the ECB there be an additional reason to increase the rate of interest in the month of June".

A few days of the meeting of the European Central Bank monetary policy, some stakeholders yesterday saw the possibility of a change in tone. As a result, yields are strained on the market of the European State loans. Later in the day, taken down in the wake of us rates, the rate of the French OAT in 10 years has limited its voltage 4 basis points to 4,009.

Always "vigilance"

Last month, Jean-Claude Trichet was something to break the expectations of the market of a rise in rates as early as the month of May. He was then refused to use the term "vigilance". Does the use Thursday again "If the recovery continues in the euro area and strengthening, the rate will be adjusted to avoid inflation", had already indicated Lorenzo Bini Smaghi, last week, the Italian press. Nicholas Garganas, Governor of the Bank of Greece, warned the need "to expect other rate hikes", the latter being "very far from the normal level".

In fact, foreign exchange dealers appear to be relegated to the second plan reported by CNBC of Ben Bernanke remarks that the President of the Federal Reserve said worried about its image as shopping central banker. The market would have misinterpreted his intervention before the Joint Economic Committee of Congress last week. Stakeholders saw the certainty of a break in the cycle of rate hikes. Ben Bernanke, which must be expressed again today, wanted to emphasize the flexibility of the US Federal Reserve and the close relationship between monetary policy and future statistics.

These comments, in line with the minutes of the last meeting of the Federal Reserve, had caused a brief lift the dollar during the night, until 1,2556 for 1 euro and 114,02 yen. But the movement did not last long. The greenback was worth again last night 113,48 yen and was even in a more low since thirty years against the Canadian dollar, to 90,27 cents.