Investiční bankovnictví (Komerční banka)
Currencies  |  September 19, 2012 17:05:00

Regional currencies weakened on Wednesday


Regional currencies on Wednesday failed. Most losses amounted Polish zloty against the euro, which lost before 17 hour around 0.7%. The negative mood worse against the zloty contributed data from the local economy, while industrial production for August rose by 0.5% y / y. Even in July was higher by 5.2%. The industrial sector is slowing, which suggests an index PMI. Poland's central bank has increased rates in May by 25 bps, but now it's more dovish rhetoric. Our colleague from SG expects that the central bank will begin lowering rates later this year in late October and November.
Czech koruna weakened on Wednesday as well, but the losses were only moderate. Rate CZK / EUR shifted from morning levels below 24.80 to 24.90 near the border. The domestic data we have not seen anything, to mention just a comment and is Vice-Governor M. Hampl Reuters. Deputy Governor does not see the need for unconventional monetary policy tools, as economic fundamentals of the Czech economy are sound. Even he is not even sure whether the rates should continue to fall. His words and the words of Governor M. Singer is clear that the Bank Board is not complete uniformity in the non-standard instruments. And even raised as a question mark over whether September will be reduced rates because of voice M. Hampl and P. Řežábek should be among the most critical (three board members vote for lower rates probably rise - M.Singer, V. L. and Tomsik Lizal). Rate cuts still expected cash market and addressing all economists.
Tomorrow the region will see further data from Poland, although core inflation will be published in August. This would be expected to fall slightly from 2.3% y / y to 2.1%. This indicator will be monitored markets, as can additional information on the direction of monetary policy.
Home swap yield curve is now shifted down by about 2 bb over its entire length. This was due to a similar movement in the euro counterparts. On Wednesday, there was also a government bond auction (sold bonds with a fixed coupon of 3.85% and maturing in 2021 and with a variable coupon bond maturing in 2017.Demand in both auctions were weaker - at the first bond that was CZK 3.8 billion to 2.5 billion and the second even at the end of August in the same bond demand reached 4.5 billion and 6.1 billion CZK. The Ministry of Finance sold a total of 4.5 billion CZK, the average yield on a bond with a fixed coupon increased from 2.136% in the August 2306 auction at%.


Author: Jiri Skop

Tyto zprávy pro vás vytváří Investiční bankovnictví KB.
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