Investiční bankovnictví (Komerční banka)
Currencies  |  June 20, 2012 16:56:00

Czech koruna against the euro on Wednesday weakened


Czech crown against the euro on Wednesday failed, though weakened from the morning level of 25.40 CZK / EUR 25.50 above. Currencies outside the region, however, fared better. Polish zloty more or less stagnated during the day, the Hungarian forint have even attributed the gains. The Hungarian currency has helped the message that the government accepted all the proposals to amend the Law on the Central Bank, which should be approved within two weeks. This step was a necessary condition for opening talks on the credit line to Hungary by the IMF and the EU. The Polish economy we have had several interesting economic numbers. Core inflation in May in line with expectations decelerovala from 2.7% to 2.3%, then the industry in the same month improved by 4.6% y / y.After adjustment for seasonality and different number of working days, the Polish industry increased by 2.4% mom. Hopefully that will result in a similar spirit and Czech counterpart.
Tomorrow is no economic data from the region confess, foreign exchange markets and will continue to monitor the development of the USD / EUR and other risky assets.
Czech swap yield curve in the center grew to its longer end around 3 cells, thereby increasing its slope. Income followed a similar evolution of euro of its counterpart. According to P. Pavelka, the Ministry of Finance frontloading in Q4 12 state borrowing requirement for next year, when emission should focus on the longer end of the curve (in June, the Ministry received 70%year's gross borrowing needs). Since the autumn issue of savings bonds is expected approximately 15 billion CZK. He spoke also of the CNB Governor M. Singer, who mentioned that the downside risks are now significantly more pronounced (the governor has already voted at the May meeting to reduce rates by 25 bp).


Author: Jiri Skop

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