CREDIT EUROPE DAILY
"Destiny is not a matter of chance, it is a matter of choice; it is not a thing to be waited for, it is a thing to be
achieved." - William Jennings Bryan
FOREX MARKET
On June 21st, the domestic forex market opened in the 3.2040 level which seemed to be well priced in, as it remained
flat within this area in the first part of trading, climbing less than 50 pips. After noon, RON resumed the upside bias,
strengthening up to 3.1990 level, as the appetite of the foreign players for RON had increased lately due to the high yield
differentials.
On Friday, the single currency was bided at 3.2000 level at the opening of the forex session, but within several minutes
the euro fell below the 3.2000 threshold. The sudden rise of the overnight interest rates, has determined hard euro selloff,
as the commercial banks sold the euro to finance their RON reserves. Therefore, the domestic currency rallied to
another 4-1/2-year high up to 3.1900 zone.
On June 21st, there was released the US Philadelphia Fed survey which posted the strongest rise since April 2005. The
outcome of the Philadelphia survey has increased chances that the Federal Reserve might be keeping the benchmark
rate at 5.25% this year. The EUR/USD remained rangebound in the 1.3380-1.3420 zone on Friday, with investors
awaiting the Ifo survey of business sentiment in Germany.
MONEY MARKET
On Thursday, the overnight interest rates dropped gradually to 1.5/3.5% zone, as the end of reserve period was
approaching. However, in late trading, the ON rates increased slightly to 3/5% bids/asks, mainly on back of off-shore
demand for RONs. On June 21st, the Minister of Finance sold 3Y benchmark bonds worth RON 98.4mln which carry a
fixed coupon rate of 6.00%. The average accepted yield stood at 7.14%, while the maximum accepted rate did not
outpace 7.15%.
On Friday, the Romanian money market opened in the 4.5/8% zone, but within less than one hour the asks for the ON
maturities surged until 20% level, while bids climbed up to 12% level. The sudden rise of the ON yields was induced
mainly by high off-shore demand for RON, as foreign players need to finance their RON positions. Also, the commercial
banks needed domestic liquidities to constitute the remaining of the reserve requirements.
|
Domestic Markets Foreign Exchange Rates |
||||
|
NBR |
Daily Change |
Year to Date (%) |
Annualized |
|
|
EUR/RON |
3.1999 |
-0.0127 |
-5.38% |
-3.68% |
|
USD/RON |
2.3911 |
-0.0015 |
-6.87% |
-4.71% |
|
GBP/RON |
4.7593 |
-0.0068 |
-6.05% |
-4.15% |
|
CHF/RON |
1.9261 |
-0.0070 |
-8.85% |
-6.09% |
|
Interbank Market Interest Rates (%) |
||||
|
ON |
1M |
6M |
12M |
|
|
BUBID |
9.88% |
6.99% |
6.69% |
6.61% |
|
BUBOR |
15.38% |
7.77% |
7.49% |
7.50% |
|
EURIBOR |
4.07% |
4.11% |
4.30% |
4.53% |
|
LIBOR(USD) |
5.29% |
5.32% |
5.39% |
5.45% |
|
Romanian Equities |
||
|
Last |
Daily (%) |
|
|
BET |
9,213.33 |
0.49% |
|
BET-C |
6,280.04 |
0.73% |
|
BET-FI |
78,512.09 |
5.77% |
|
RASDAQ C |
4,860.98 |
1.55% |
|
Romanian Eurobonds |
||||
|
Maturity |
Cupon |
Price |
Daily (%) |
Yield |
|
27-Jun-08 |
10.63% |
105.65 |
-0.02% |
4.71 |
|
02-Jul-10 |
5.75% |
102.27 |
-0.02% |
4.92 |
|
06-May-12 |
6.50% |
115.05 |
-0.07% |
4.94 |
|
22-Jun-15 |
4.125% |
92.12 |
-0.10% |
5.36 |
|
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% |
|
International Equities |
||||
|
Last |
Daily Change |
Year Low |
Year High |
|
|
S&P 500 |
1,318.03 |
0.62% |
1,374.12 |
1,539.18 |
|
DJI |
13,545.84 |
0.42% |
13,489.42 |
13,639.48 |
|
NASDAQ |
2,616.96 |
0.65% |
2,525.29 |
2,626.76 |
|
XETRA DAX |
7,964.71 |
-1.55% |
7,590.50 |
8,090.49 |
|
NIKKEI 225 |
18,188.63 |
-0.28% |
15,725.94 |
18,240.30 |
|
International Market Exchange Rates |
||
|
CURRENCY |
Latest |
Daily Change |
|
EUR/USD |
1.3419 |
0.18% |
|
GBP/USD |
1.9956 |
0.17% |
|
USD/CHF |
1.2391 |
0.00% |
|
USD/SEK |
6.8770 |
-0.46% |
|
USD/JPY |
123.96 |
0.28% |
|
EUR/USD trading rate |
|||
|
Support |
Resistance |
||
|
Sup. 1 |
1.3370 |
Res. 1 |
1.3430 |
|
Sup. 2 |
1.3330 |
Res. 2 |
1.3480 |
|
Sup. 3 |
1.3300 |
Res. 3 |
1.3510 |
|
Sup. 4 |
1.3260 |
Res. 4 |
1.3530 |
|
Commodities |
||
|
Latest |
Daily (%) |
|
|
GOLD |
651 |
-0.55% |
|
SILVER |
13.05 |
-0.76% |
|
OIL (BRENT) |
72.75 |
2.41% |
|
Interest Rates for Time Deposits of Credit Europe Bank |
|||||||
|
1WK |
1M |
3M |
6M |
9M |
12M |
Minimum Amount |
|
|
USD |
0.50% |
4.25% |
4.50% |
4.75% |
5.00% |
5.50% |
USD 1,000 |
|
EUR |
0.50% |
3.75% |
4.00% |
4.25% |
4.25% |
4.75% |
EUR 1,000 |
|
RON |
3.00% |
7.25% |
7.25% |
7.50% |
7.50% |
8.00% |
RON 2,000 |
Released by Credit Europe Bank Romania S.A.,3rd Nerva Traian Street, Bucharest. For further information please contact Melania Hancila -Treasury & Capital Markets Division, Phone 308 52 66, Fax 318 87 74.
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 Credit Europe Bank Romania S.A., Nerva Traian nr.3, Bucuresti. Pentru mai multe informatitii si intrebari, va rugam contactati Departamentul Trezorerie si Piete de capital - Melania Hancila, Telefon: 308 52 66, Fax: 318 87 74.
Acest buletin are scop informativ si nu reprezintaun 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.