Investiční bankovnictví (Komerční banka)
Currencies  |  March 05, 2013 16:45:00

Polish Central Bank should cut rates again tomorrow

Crown today corrected its weakening of the previous days, when he scored about two-tenths of one percent and the interbank market has shifted to a level of 25.60 CZK / EUR. Again, so resist the level of 25.70 CZK / EUR, which tested the crown on Monday. Zloty today scored four tenths of percent as investors took position ahead of tomorrow's announcement of a new set of monetary policy in Poland. Our colleagues from SG with consensus expecting a rate cut by 25 bps to a record low 3.50%. The Hungarian forint today remained virtually unchanged.

Tomorrow the region will not be published any macroeconomic indicators, we see only the result of that meeting the Polish central bank.

Czech swap yield curve rose today on the short end of 1.5 bp and at the long end of 2.5 bb. Investors also sold bonds, particularly with longer maturities. Tomorrow will take place the Czech government bond auction. The Ministry of Finance will sell a bond with a fixed coupon of 1.50% maturing in 2019 and floater maturing in 2023. We expect better demand than in the previous auction, but low yields on Czech bonds generally do not indicate much interest from investors.

Author: Marek Dřímal

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