Investiční bankovnictví (Komerční banka)
Interest rates  |  December 12, 2012 16:15:00

On domestic foreign exchange market today was dead


Exchange rate of the koruna against the euro was in the middle of the week totally uninteresting. Course throughout the day today held in the interbank market in the band less than seven cents just above 25.20 CZK / EUR. Czech currency does not respond to the continued strengthening of the euro to the dollar in the market, even at today's weakening of the Polish zloty and Hungarian forint. Market remained unanswered comments and central bankers.

The exchange rate becomes an instrument of policy by the central bank after the key interest rate at the November meeting was basically reduced to zero. This fact is further confirmed by today's central bankers. The dovish commentary and thus verbal interventions against the crown came Governor Vladimir Tomsik. Intervention in the foreign exchange market, considered the most effective tool for possible easing of monetary policy in the future. If necessary, it is ready to use.He also said that he never did not exclude the use of other monetary policy instruments (such as the possibility of influencing the long end of the yield curve). Expression of Eva Zamrazilova trailed slightly more hawkish tone. Even she would but intervention under certain circumstances support. Benefit to the exporters would have to outweigh the negative impact of high prices on domestic demand.

The meeting next week will bring together all members of the CNB Bank Board. No change in the monetary policy rates at this meeting, but we do not expect. This time will not be available to a new forecast. At the November meeting of the monetary policy rate cuts, and even released a course has since been weaker (and also in comparison with the forecast CNB).Likely the next wave of verbal interventions against the crown, or specification framework, under which the central bank has approached potential interventions. Comments CNB our calculations show that the need may be the current in the first half of next year, especially if intensified deflationary tendencies.

Quiet trading today prevailed in the domestic bond market and swap. Even the prices of these instruments does not respond to the comments of central bankers, no response was done and the publication of our funding plan for 2013, including detailed information on the issuance calendar for January or the first quarter of the 2013th

Author: Jan Vejmělek

Tyto zprávy pro vás vytváří Investiční bankovnictví KB.
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