Investiční bankovnictví (Komerční banka)
Currencies  |  March 04, 2013 16:38:00

Singer: interventions are likely to be needed in the second half of the year

Crown today during the day again attacked the level of 25.70 CZK / EUR. This was due mainly comment CNB Governor Miroslav Singer foreign exchange interventions. According to Singer, there is likely to be needed in the second half of this year. It is a relatively strong signal towards the central banks need a weaker koruna and milder monetary conditions, but it also reduces the likelihood of further intervention in the near future. Czech currency after the market has lost about two-tenths of one percent, but eventually erased their losses and returned roughly to its Friday at 25.65 CZK / EUR.

Zloty you wrote two tenths percent, although slightly corrected its strengthening from previous days. The Hungarian forint has become the least successful currency in the region, though weakened by seven tenths of a percent.Today was the first day of the new central bank governor Gyorgyi Matolcsyho in office. From Matolcsyho expected willingness to further ease monetary policy in order to get the Hungarian economy out of recession. But this is a negative factor for the forint exchange rate, so that today against the euro slid to a level 297 HUF / EUR.

Tomorrow in the region confess any macroeconomic data. However, begins a two-day meeting of the Polish central bank, from which markets expect (according to Bloomberg consensus) further reducing rates by 25 bps to 3.50%. Some Polish central bankers, however, recently spoke out against further reduction already at the March meeting. Any leave rates at 3.75% should support the zloty exchange rate.

Czech swap yield curve is now virtually move.

Author: Marek Dřímal

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Singer: intervence budou zřejmě potřeba v druhé polovině roku

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