Investiční bankovnictví (Komerční banka)
Currencies  |  December 11, 2012 16:29:00

According to Kamil Janacek interventions are not on the agenda


Regional currencies today except the Crown succeeded. Zloty and forint was reported about half a percent. Events in the region was not much for today's movement so it was rather the strengthening of the euro to the dollar in the market when the common European currency benefited from better than expected data for investor confidence in the German economy. The crown, however, today was stable in a narrow range around the value of 25.26 CZK / EUR. Strengthen its probably reduce yesterday's weak data from the Czech economy. This is consistent with our view that the margin of appreciation of the koruna is currently very limited.

From the macroeconomic data we have now waited only Hungarian consumer price index in November. It declined by 0.1% m / m (market expectations of 0.2%), and their annual growth thus decreased to 5.2% (5.5% of the market).Tomorrow I confess no economic data, planned as a government bond auction in Poland and Hungary.

Czech swap curve is now changed. However, selling bonds with longer maturities, which translates into a stretching ASW spreads. The Czech central bankers today said Kamil Janacek. Currency intervention, according to him a standard tool of monetary policy, which the central bank could proceed, if necessary, further stimulus to the economy. This step is not by Janacek on the agenda. For his decision on execution of interventions will be an important development (against) inflationary tendencies in the first quarter of next year, until then should take a wait and see position.Along with yesterday's commentary Lubomir Lízal it suggests that any foreign intervention are now current. As for the likely initiation appears Q2 13 if they are still needed.

Author: Marek Dřímal

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