|
"Take care to sell your horse before he dies. The art of life is passing losses on." - Robert Frost
FOREX MARKET
Bernankes first testimony yesterday signaled the risk of an "overheating" US economy, as well as other risks, such as
oil prices and a cooling housing market. Bernanke refused to comment on other policy issues unrelated to monetary
policy. Bernanke's mention of the risk of an "overheating" economy made it more likely that the Fed will increase rates
at least two more times to bring the Fed funds rate to 5.00%. At the beginning of Bernanke speech, there was a
consolidation attempt at pushing the USD weaker, but it was very quick and the EUR/USD tested the 1.1950
resistance, however it couldnt erode it so the rate pulled backwards to 1.1870 zone. Bernanke made a positive
impression it seems, both in terms of his authority and clarity of expression. In any case, moves to a stronger USD may
be relatively modest in the short run, so we reaffirm the 1.1800 support zone.
We witnessed a slight appreciation of the euro in the past two days, as it seems the euro has been oversold lately. On
Wednesday, the euro purchases pushed the rate higher to 3.5365, the most, as the clients took advantage of the
3.5220/50 level which proved to be a point of retracement. On February 16th, the domestic market opened at 3.5240
and soon the Romanian currency managed to break the latest psychological support at 3.5200 touching 3.5130, the
lowest level since September 27th. We expect that the RON would continue its rally tomorrow until 3.5000 due to the
depo auction which is to be hold on Monday. Yesterday, Mugur Isarescu reaffirmed NBRs determination to tighten
the monetary policy accordingly to meet the too ambitious 5% inflation target for 2006, +/- 1pps, although it is rather
likely that the inflation would reach 6.5%, according to NBR's and IMF's forecasts.
MONEY MARKET
The overnight maturities are quoted for 4.5-6.5% levels on Thursday, as the excess of RON has increased smoothly since NBRs last depo auction.
|
Domestic Markets Foreign Exchange Rates |
||||
|
NBR |
Daily Change |
Year to Date(%) |
Annualized |
|
|
EUR/RON |
3.5301 |
-0.0020 |
-4.35% |
-3.87% |
|
USD/RON |
2.9631 |
-0.0047 |
-4.91% |
-4.36% |
|
GBP/RON |
5.1516 |
-0.0032 |
-3.90% |
-3.46% |
|
CHF/RON |
2 2657 |
-0 0022 |
-4.31% |
-3.83% |
|
Interbank Market Interest Rates (%) |
||||
|
ON |
1M |
6M |
12M |
|
|
BUBID |
5.38% |
6.62% |
6.58% |
6.43% |
|
BUBOR |
7.20% |
8.44% |
8.49% |
8.34% |
|
LIBOR (EUR) |
2.35% |
2.44% |
2.71% |
2.89% |
|
LIBOR (USD) |
4.58% |
4.57% |
4.93% |
5.09% |
|
Romanian Equities |
||
|
Last |
Daily (%) |
|
|
BET |
8,121.19 |
0.05% |
|
BET-C |
4,764.19 |
-0.24% |
|
BET-FI |
50,777.20 |
-0.90% |
|
RASDAQC |
1,761.78 |
0.48% |
|
Romanian Eurobonds |
||||
|
Maturity |
Cupon |
Price |
Daily (%) |
Yield |
|
27-Jun-08 |
10.63% |
115.92 |
-0.03% |
3.42 |
|
02-Jul-10 |
5.75% |
107.88 |
-0.07% |
3.75 |
|
06-May-12 |
6.50% |
125.24 |
0.17% |
3.84 |
|
22-Jun-15 |
4.125% |
98.51 |
0.25% |
4.32 |
|
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 |
1,280.00 |
0.35% |
1,176.84 |
1,294.18 |
|
DJI |
11,058.97 |
0.28% |
10,749.76 |
11,028.39 |
|
NASDAQ |
2,276.43 |
0.63% |
2,205.32 |
2,331.36 |
|
XETRADAX |
5,764.87 |
0.03% |
5,334.30 |
5,763.40 |
|
NIKKEI 225 |
16,043.67 |
0.70% |
11,565.99 |
16,747.76 |
|
International Market Exchange Rates |
||
|
CURRENCY |
Latest |
Daily Change |
|
EUR/USD |
1.1884 |
-0.21% |
|
GBP/USD |
1.7387 |
0.28% |
|
USD/CHF |
1.3095 |
0.11% |
|
USD/SEK |
7.8545 |
0.39% |
|
USD/JPY |
117.76 |
0.15% |
|
EUR/USD trading rate |
|||
|
Support |
Resistance |
||
|
Sup. 1 |
1.1860 |
Res. 1 |
1.1950 |
|
Sup. 2 |
1.1800 |
Res. 2 |
1.2020 |
|
Sup. 3 |
1.1720 |
Res. 3 |
1.2050 |
|
Sup. 4 |
1.1700 |
Res. 4 |
1.2110 |
|
Commodities |
||
|
Latest |
Daily (%) |
|
|
GOLD |
540.3 |
-1.09% |
|
SILVER |
9.16 |
-1.19% |
|
OIL (BRENT) |
57.11 |
-1.04% |
|
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 |
1.00% |
5.0% |
5.5% |
5.5% |
5.5% |
6.00% |
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.