Investiční bankovnictví (Komerční banka)
World markets  |  September 17, 2012 15:47:00

Central European currencies at home the week slightly weaker

While last week was marked by the strengthening of currencies in the region, the beginning of a new week brought a slight correction of previous gains. Kurzotvorným remains a key factor for central position of the euro currency in the global market. Since its rise against the dollar today stopped, appeared on the central tendency of the foreign exchange markets to profit taking. Most of the Polish zloty lost when the value of its roughly eased percent. Losses Hungarian forint and the Czech koruna was about half. While the first morning quotes crown is still located just below 24.40 CZK / EUR in the afternoon already been tested level of 24.50 CZK / EUR.

No response market remained the August publication of industrial and agricultural producers, although the result was well above the market consensus.Industrial producer prices in August increased by 0.5%, the annual growth accelerated from 1.3% to 1.9%. As in fuel prices in the consumer basket, and industrial prices in August showed higher oil prices expressed in crowns, which surged in the last two months by 15%. More interesting for the further development of food prices in the consumer basket prices of agricultural producers, which in August fell by 0.9% m / m However, the decrease corresponds to seasonal developments, even after adjusting the prices in agriculture increased by 0.2%. Cumulative from the beginning of the year are the prices in agriculture increased by 6.4% (SA), which indicates inflationary pressures in food prices in the consumer basket. The prices of agricultural products are already beginning to reflect this year's crop.

Tomorrow will be no fresh indicators of poor. The region will be published only wage statistics for July in Hungary, which is a number that does not significantly affect potential markets. Central European currencies and tomorrow will remain under influence of mood players in global markets. Towards the end of the month and the meeting with the board increases the likelihood of further corrections to previous crown profits. Expectations that the CNB will reduce its key interest rate by 25bp to 0.25% are very strong. And nothing that has not changed even today's comment board member Eva Zamrazilova for the agency Dow Jones. According to it, the further reduction of interest rates should be approached with caution by observing more upside.

Domestic yield curve during Monday's session essentially move. Even higher-than-expected industrial producer prices or hawkish comments Eva Zamrazilova yield curve in no way influenced.

Author: Jan Vejmělek

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