Investiční bankovnictví (Komerční banka)
World markets  |  September 05, 2012 16:58:00

Demand was so strong auctions

Crown during Wednesday strengthened by nearly půlprocento below 24.80 CZK / EUR. This was primarily in response to developments in the global markets, where the induced optimistic message that the ECB is reportedly preparing to introduce unlimited sterilized program to buy government bonds. Whether that happens, we will know tomorrow.

Today released retail sales for July are not trading in influence when lagged slightly behind market expectations (0.3% y / y vs. 0.5%). They confirmed, however, continued weakness in consumer demand, while a slight increase was also caused by one calendar day extra. After cleaning, we have seen a decrease. The macroeconomic data tomorrow will see industry and foreign trade. For industrial production, we expect annual growth of 2.5%, but this is also due to different number of working days (after cleaning the dynamics should fall).Foreign trade would then be for the July surplus of 21 billion CZK.

Today held two auctions of government bonds (4.60% CZGB / 2018, VAR / 2023). The Ministry has sold bonds for a total of 4.5 billion CZK, but compared to previous auctions were lower investor demand feel. Together with the uncertainty about the vote on the tax changes in parliament eventually bond yields rose slightly. Swap curve on the contrary, one to two points shifted downwards.

Author: Miroslav Frayer

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