|
"Just because the price goes up doesn't mean you're right. Just because it goes down doesn't mean you're
wrong. Stock prices often move in opposite directions from the fundamentals but long term the direction and
sustainability of profits will prevail." - Peter Lynch
FOREX MARKET
We have little reason to believe that US rates will head any higher, in fact, we strongly believe that the Fed is
about to signal the end of the rate hike cycle, so any further strengthening in the USD advantage due to the
rate differentials could suddenly reverse. There are few data catalysts this week, but next week we have the
absolutely key FOMC Fed meeting - in fact the next two Fed meetings are probably the most important
meetings in recent memory. The EUR/USD remains hopelessly rangebound. We shall use 1.1660 and 1.1760
as the trigger levels for our view going forward as we try to wait patiently for an indication here.
On Friday, the local forex market was rather calm, with modest transacted volumes. The EUR/RON
exchange rate ranged in the 3.6580-3.6620 area, most of the trading session. On December 5th, the domestic
market opened at 3.6570 and stayed at the same levels until noon, as the pair seems to be well offered. We
believe that the EUR/RON rate wont erode the 3.6700 resistance level during December as the National
Bank seems determined to sustain the domestic currency against the euro in case the hard currency outflows
outpace the inflows.
MONEY MARKET
Although the National Bank did not organize any depo auction since November 24th, the ON interest rates remained in the 7-8% area. It is unlikely the NBR will perform any sterilization operation as long as the yields stay at these levels.
|
Domestic Markets Foreign Exchange Rates |
||||
|
NBR |
Daily Change |
Year to Date(%) |
Annualized |
|
|
EUR/RON |
3.6614 |
0.0065 |
-7.69% |
-8.25% |
|
USD/RON |
3.1263 |
0.0239 |
6.73% |
7.27% |
|
GBP/RON |
5.4035 |
0.0530 |
-3.69% |
-3.97% |
|
CHF/RON |
2 3714 |
0.0123 |
-7.74% |
-8.31% |
|
Interbank Market Interest Rates (%) |
||||
|
ON |
1M |
6M |
12M |
|
|
BUBID |
5.88% |
5.38% |
4.94% |
4.97% |
|
BUBOR |
7.63% |
7.54% |
7.31% |
7.25% |
|
LIBOR (EUR) |
1.91% |
2.39% |
2.55% |
2.70% |
|
LIBOR (USD) |
4.03% |
4.32% |
4.64% |
4.85% |
|
Romanian Equities |
||
|
Last |
Daily (%) |
|
|
BET |
6,740.69 |
-0.53% |
|
BET-C |
4,004.45 |
-0.57% |
|
BET-FI |
45,951.01 |
0.82% |
|
RASDAQC |
1,770.11 |
0.00% |
|
Romanian Bonds |
||||
|
Maturity |
Cupon |
Price |
Daily (%) |
Yield |
|
27-Jun-08 |
10.63% |
117.91 |
-0.06% |
3.18 |
|
02-Jul-10 |
5.75% |
109.30 |
-0.02% |
3.50 |
|
06-May-12 |
6.50% |
126.98 |
0.06% |
3.69 |
|
22-Jun-15 |
4.125% |
99.87 |
0.15% |
3.79 |
|
Romanian State Government Bonds and T-Bills |
||||
|
Latest issues |
Auction Date |
Issue Date |
Maturity Date |
Avg. Yield |
|
RO0510DBNI36 |
08 August 2005 |
10 August 2005 |
10 August 2010 |
7.48% |
|
RO0515DBN143 |
15 August 2005 |
17 August 2005 |
17 August 2015 |
7.49% |
|
RO0508DBN155 |
15 September 2005 |
19 September 2005 |
19 September 2008 |
7.60% |
|
RO0505CTN031 |
20 September 2005 |
22 September 2005 |
22 December 2005 |
5.33% |
|
International Equities |
||||
|
Last |
Daily Change |
Year Low |
Year High |
|
|
S&P500 |
1,151.74 |
0.03% |
1,143.22 |
1,268.25 |
|
DJI |
10,877.51 |
-0.32% |
10,871.43 |
10,931.62 |
|
NASDAQ |
2,273.37 |
0.27% |
2,056.00 |
2,267.17 |
|
XETRADAX |
5,307.99 |
0.79% |
2,090.75 |
5,266.55 |
|
NIKKEI 225 |
15,551.31 |
0.84% |
10,825.39 |
15,421.60 |
|
International Market Exchange Rates |
||
|
CURRENCY |
Latest |
Daily Change |
|
EUR/USD |
1.1695 |
-0.11% |
|
GBP/USD |
1.7301 |
0.13% |
|
USD/CHF |
1.3203 |
0.06% |
|
USD/SEK |
8.0384 |
-0.86% |
|
USD/JPY |
121.27 |
0.51% |
|
EUR/USD trading rate |
|||
|
Support |
Resistance |
||
|
Sup. 1 |
1.1670 |
Res. 1 |
1.1760 |
|
Sup. 2 |
1.1640 |
Res. 2 |
1.1800 |
|
Sup. 3 |
1.1600 |
Res. 3 |
1.1870 |
|
Sup. 4 |
1.1550 |
Res. 4 |
1.1920 |
|
Commodities |
||
|
Latest |
Daily (%) |
|
|
GOLD |
506.1 |
0.50% |
|
SILVER |
8.61 |
1.18% |
|
OIL (BRENT) |
54 |
2.39% |
|
Interest Rates for Time Deposits of Finansbank (Romania) SA |
|||||||
|
1WK |
1M |
3M |
6M |
9M |
12M |
Minimum Amount |
|
|
USD |
0.50% |
3.00% |
3.50% |
4.25% |
4.25% |
4.50% |
USD 1,000 |
|
EUR |
0.50% |
3.00% |
3.50% |
4.00% |
4.25% |
4.25% |
EUR 1,000 |
|
RON |
0.50% |
4.0% |
4.5% |
5.0% |
5.0% |
5.50% |
RON 2,000 |
Released by FINANSBANK Romania S.A., Splaiul Unirii no.12, Bl. B6 040034, Bucharest. For further information please contact Melania Hancila Treasury & Capital Markets Division, Phone 301 73 42, Fax 318 09 61.
Disclaimer: This report does not represent an investment advice and should not be construed as a recommendation to invest in any kind of investment vehicle. The information in the report is based on sources available to the public and believed to be reliable, and there is no claim that is accurate or complete. Thereafter this information can be changed without notice.
Publicat de FINANSBANK Romania S.A., Splaiul Unirii nr.12, Bl. B6 040034, Bucuresti. Pentru mai multe informatii si intrebari, va rugam contactati Departamentul Trezorerie si Piete de capital - Melania Hancila, Telefon: 301 73 42, Fax: 318 09 61.
Acest buletin are scop informativ si nu reprezinta un sfat sau recomandare de a investi in nici un tip de instrument. Informatiile care stau la baza acestui raport zilnic au o sursa publica, considerata sigura insa, nu sustinem ca este completa. Astfel ca informatiile publicate mai sus se pot schimba fara un anunt prealabil.