Czech crown in the center corrected its gains from the previous day
For economic data, we have not seen anything in the region, will be published tomorrow Polish GDP for the second quarter. According to our colleagues from SG also according to market consensus Polish economy would be better off by 0.5% QoQ, annual growth would have fallen from 3.5% to 2.9%. Poland has successfully avoids a recession, when at the end of last year, GDP increased by 1.0% in the first quarter by 0.8%. However, these figures show that growth momentum is slowing.
Czech swap curve is shifted in the middle of the middle and longer end up slightly about 2-3 bb. The Ministry of Finance also offered in a combined auction of two state bonds totaling 4-6 billionCZK - one with a fixed coupon of 3.85% and maturing in 2021 and the other with a variable coupon maturing in 2017. The average yield on a bond with a fixed coupon of 2.316% decreased (the July auction) to 2.136%, the demand for this bond reached 4.45 billion CZK. The second bond demand reached 6.1 billion CZK. The Ministry eventually sold bonds for a total of 4.7 billion (2.3 billion and CZK 2.4 billion). Due to weaker demand (compared to July) auction was a slight disappointment.
Author: Jiri Skop
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