Investiční bankovnictví (Komerční banka)
Currencies  |  October 17, 2012 15:35:00

Crown of today's most successful regional currency

Czech koruna today attacked the strongest level since mid-September. While the first morning quotes still were around 24.80 CZK / EUR, around noon, under the pressure level reached 24.70 CZK / EUR. Since then, the rate is reflected in the afternoon swung back above 24.80 CZK / EUR. During the morning, the crown continued benefiting from positive sentiment in global markets, reflecting, among other things, the continued strengthening of the common European currency on the world market. The afternoon turns to trend crown helped quite a significant weakening of the Polish zloty. He now lost nearly three quarters percent, the Hungarian forint depreciated by about half a percent.

Polish currency weakened unfavorable macroeconomic data. In the afternoon, was in fact published in September industrial production statistics.While in August, the year of Polish industry by 0.5% y / y in September was already observed significant decrease of 5.2% y / y. This increases the expectations of market players that the Polish central bank will begin the cycle of easing monetary policy of lowering interest rates. For the Polish currency, the amount of interest-bearing course, this means the loss of attractiveness.

Tomorrow will be the fundamental point of view uninteresting. The region is not disclosed indicators which could affect the foreign exchange markets. Kurzotvorným remains a key factor in investor sentiment. Due to the historical experience can not be too much to assume that tomorrow's and Friday's EU summit brought some significant positive surprises.Given that the exchange rate of the Czech currency today showed signs of reaching a local bottom, for tomorrow is not very likely that the course had left the band 24.70 to 25.00 CZK / EUR at risk for testing rather upper edge of the band.

Home swap curve is now moved up by about 5BB, followed a similar trend when its euro counterpart. Government bond yields have also pushed above, however, lagged the rise swaps. Government bond auction with variable coupon and maturing in 2017 yielded no impulse market. The average yield on the subscription amounted to 7.158 bb over 6M cutlery at 0.89%. Without surprise auction ended and government bond with a fixed coupon of 3.85% due in 2021. The average yield was 2.145%.

Author: Jan Vejmělek

Tyto zprávy pro vás vytváří Investiční bankovnictví KB.
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