Investiční bankovnictví (Komerční banka)
Currencies  |  January 28, 2013 15:53:00

Crown to home week fell to an eight-month low


Introduction of a new week Central European currencies too failed. In its weakening trend continues especially the Hungarian forint, which in the course of the day lost when attacking percentage and level 300 HUF / EUR. Above this level, while the last course at the beginning of June last year. Three-quarters percent today lost Polish zloty and similar losses today reached a Czech crown. While the morning's opening rate on the interbank market is still found under 25.55 CZK / EUR, shortly after noon, the course got over 25.70 CZK / EUR. Above this level, the course looked for the first time since the end of last June.

Central European currencies suffers from the easing of monetary conditions. Tomorrow will be held board meetings Hungarian central bank, where, among other things, due to the very unfavorable macroeconomic data from recent further decline in interest rates.Similar expectations are formed on the Polish zloty strengthened and could send any disappointment that might bring tomorrow's GDP numbers published. It is clear that the Polish economy loses its momentum. The Czech Republic has been a key interest rate at the technical zero (0.05%), possible further easing of monetary policy would have to go through a weaker exchange rate. This is now confirmed by CNB Governor V. Tomsik told Reuters.

Deputy Governor Tomšík is prepared by your words go into direct interventions, if needed. Downside risks according to him since last CNB forecast increased. Weaker koruna is indeed helps neutralize is not clear, however, whether enough. Any intervention would Tomsik should be of limited duration until the forecast proves that (monetary policy), inflation picked up the pace and headed for dvouprocentnímu goal.Course understand central bankers as an alternative tool within the inflation targeting by Tomsik definitely planned exchange rate targeting.

Meeting CNB's monetary policy will take place until next Wednesday, the 6th February. In the coming days we still can thus be seen comments from central bankers. Another factor in the price-fixing from home for the upcoming days can be expected. They will not be published no major economic indicator. The domestic currency would be particularly alert to the development of its Central European counterparts. In the coming days, so there is a good chance that the crown will further test their weaker levels.

Swap yield curve today released upwards by about 2-3 bb, she followed the development of its euro counterpart, for which, however, fell slightly behind. Government bond yields rise swaps basically followed.

Author: Jan Vejmělek

Tyto zprávy pro vás vytváří Investiční bankovnictví KB.
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