Investiční bankovnictví (Komerční banka)
Currencies  |  26.3.2013 17:38:00

The Hungarian central bank cut rates


The main event of this day was the meeting of the Hungarian central bank. In line with the median market expectation MNB lowered its base rate by 25 bps to a record low 5.0% in an effort to boost the economy struggling with a crisis. Some investors are expecting a higher monetary easing, so today was a reaction of the forint against the euro appreciation. Hungarian currency scored eight tenths percent when shifted below 304 HUF / EUR. According to price forward contracts market expects further reductions in interest rates in Hungary, which is in line with the new governor Matolcsyho preferring economic growth.

Trading in other Central European currencies was so interesting and we have not seen nor any macroeconomic indicators. Zloty weakened against the euro by about one third percent to 4.18 PLN / EUR, the crown on the contrary, about a quarter of a percent and scored before closing the domestic market was around 25.75 CZK / EUR. The Czech currency is the most important day Thursday when he will meet CNB Bank Board. No significant change in the rhetoric of central bankers or even direct action in the foreign exchange market, banks do not expect, because the current level of the crown most likely to meet the Bank Board.

Czech swap yield curve today fell by about 2 bb, despite a slight increase in its European counterpart.

Author: Marek Dřímal

Tyto zprávy pro vás vytváří Investiční bankovnictví KB.
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