Investiční bankovnictví (Komerční banka)
Currencies  |  March 06, 2013 15:45:00

Zloty paid for a drastic reduction in interest rates


The calm waters of Central European foreign exchange markets has stirred the outcome of today's meeting of the Board of the Polish central bank. It surprised sharp reduction in interest rates by 50 bp to 3.25%. While a reduction of 25 bp was expected to double the range of the market no one anticipated. Concerns Polish central bankers sharply slowing economy outweighed the threat of inflation. Key rate of the Polish central bank and is at its lowest level in history.

Polish zloty so today was nejztrátovější currency in the region. The immediate reaction after the publication of the outcome of the central bank zloty depreciated by about one percent to almost 4.17 PLN / EUR, that its losses subsequently proofread return slightly below 4.15 PLN / EUR.Tend to weaken today showed the Hungarian forint, although intraday losses were not as pronounced as in the zloty and not exceed two thirds percent. Trading on the Czech currency was completely uninteresting. Domestic currency movements on neighboring currencies did not react. Kurzotovorných absence of domestic factors had led to the CZK / EUR rate on the interbank market today left the band just five cents around 25.55 levels.

Even tomorrow from home any fresh economic indicators bring. If that happens a significant client order, we expect the continuation of peaceful exchange rate. The Hungarian forint may be interesting result of industrial production in January. Market consensus points to reduce the annual decline compared with December.The result will be important for the future direction of monetary policy under the new leadership of dovish central bank.

Similar to calm the foreign exchange market as we saw today and the swap market, where the yield curve is basically moving. Government bond yields fell slightly. On the bond market, we now have decent demand witnessed a successful auction of government bonds.

Author: Jan Vejmělek

Tyto zprávy pro vás vytváří Investiční bankovnictví KB.
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