Investiční bankovnictví (Komerční banka)
Currencies  |  February 26, 2013 17:21:00

Czech koruna weakened on Tuesday


The Czech koruna against the euro Tuesday morning outraged when weakened from morning levels around 25.50 CZK / EUR up to 25.58 (highest interbank trade according to Reuters). In afternoon trading, however, a large part of their losses erased. Weakened and surrounding currency in the region, the Polish zloty and Hungarian forint around 16th hours lost 0.3%. Negative mood prevailed on other risky assets, while European stocks write off more than 2%. The reason for this was the result of Italian elections, which apparently does not allow the assembly government reform.
Today met the Hungarian central bank, in line with expectations lowered its key rate by 25 bp to 5.25%.According to the central bank's next rate cut possible if the outlook for inflation in line with the inflation target and remain favorable conditions in the financial markets. Short-term outlook for inflation, according to the Governor Simor significantly improved. Economic growth this year would be able to attend, but domestic demand remains weak (Hungarian economy is in recession since the beginning of last year, when the decline in the fourth quarter reached 0.9% QoQ).
The Czech central bankers said Lubomir Lízal, who reiterated that the bank might still need to ease monetary policy and that release would most likely go through the FX channel.In our view, the central bank used the exchange rate channel in the event that the Czech economy at risk of deflation (or risk of deflation rise sharply). For now, inflation expectations are well anchored and there is no deflation.
Tomorrow is no important economic data from the region confess, regional markets will be under the influence of global sentiment towards risky assets. Exchange rate against the euro at around 25.50 CZK / EUR in accordance with the CNB forecast, central bankers are so certainly satisfied with current levels.
Czech swap yield curve fell on Tuesday over its entire length, while the long end fell by about 3 bp and 2 bp shorter.Czech curve followed developments in the euro counterpart, which, however, fell more.


Author: Jiri Skop

Tyto zprávy pro vás vytváří Investiční bankovnictví KB.
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