CREDIT EUROPE DAILY
"The great thing in the world is not so much where we stand, as in what direction we are moving." - Holmes
FOREX MARKET
On July 2nd, the single currency was bided lower at 3.1160 level at the opening of the domestic forex trade, and shortly
after, the hard euro selling pushed the exchange rate lower to 3.0900 zone. However, the pair seems to have found
support in this area, as some foreign players decided to cash in a part of their profits. Therefore, the euro rose back to
3.1000-3.1050 area, the more so as the foreign players did not seem to be prepared to open new positions on the RON
below 3.1000 zone.
On Tuesday, the Romanian forex market opened in the 3.1050 zone which was well bided, as the exchange rate ranged
less than 50 pips in either direction in the first hours of trading. However, we expect that the domestic currency might
suffer a slight correction today towards 3.1300 zone, as it lost the support offered by the short term interest rates, while
the appetite for CEE currencies of foreign investors seem to have eased down a bit. But this upward move is unlikely to
last, as speculators have put RON under siege, as they are attracted by the high yield differentials and the prospects that
the National Bank might be raising the policy rate starting 2008 to fight strong inflationary pressures coming from the
demand side, after a surge in the incomes of population, both salaries and pensions.
The greenback came under pressure against the euro and sterling lately, as investors decided to sell the currencies that
might lower their yields to the ones whose interest rates are expected to rise in the coming months. Therefore, the euro
rallied up to 1.3630 zone vs. the American dollar, with 1.3680 level as next resistance zone to be tested, while GBP hit a
26-year high vs. USD, as the Bank of England is expected to raise the benchmark rate at its policy meeting this week.
MONEY MARKET
On July 2nd, the overnight interest rates are traded for 7/8% bids/asks, until the market players realized that NBR will not
be holding its usual Monday deposit auction, due to sharp decrease of liquidity on the Romanian money market and ON
maturities dropped to 6/7% levels. On Tuesday, the overnight interest rates are traded for 6.5/7.5% bids/asks.
|
Domestic Markets Foreign Exchange Rates |
||||
|
NBR |
Daily Change |
Year to Date (%) |
Annualized |
|
|
EUR/RON |
3.1112 |
-0.0228 |
-8.00% |
-5.39% |
|
USD/RON |
2.2907 |
-0.0339 |
-10.78% |
-7.30% |
|
GBP/RON |
4.6068 |
-0.0507 |
-9.06% |
-6.12% |
|
CHF/RON |
1.8879 |
-0.0034 |
-10.66% |
-7.22% |
|
Interbank Market Interest Rates (%) |
||||
|
ON |
1M |
6M |
12M |
|
|
BUBID |
6.25% |
6.84% |
6.74% |
6.68% |
|
BUBOR |
7.23% |
7.75% |
7.61% |
7.61% |
|
EURIBOR |
4.08% |
4.11% |
4.32% |
4.52% |
|
LIBOR(USD) |
5.36% |
5.32% |
5.38% |
5.39% |
|
Romanian Equities |
||
|
Last |
Daily (%) |
|
|
BET |
9,651.01 |
-0.15% |
|
BET-C |
6,570.55 |
0.17% |
|
BET-FI |
88,102.78 |
0.77% |
|
RASDAQ C |
5,088.46 |
0.72% |
|
Romanian Eurobonds |
||||
|
Maturity |
Cupon |
Price |
Daily (%) |
Yield |
|
27-Jun-08 |
10.63% |
105.52 |
-0.09% |
4.69 |
|
02-Jul-10 |
5.75% |
102.53 |
0.03% |
4.82 |
|
06-May-12 |
6.50% |
115.44 |
0.03% |
4.83 |
|
22-Jun-15 |
4.125% |
92.76 |
0.12% |
5.26 |
|
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 |
1.07% |
1,374.12 |
1,539.18 |
|
DJI |
13,535.43 |
0.95% |
13,408.62 |
13,427.73 |
|
NASDAQ |
2,632.30 |
1.12% |
2,506.34 |
2,626.76 |
|
XETRA DAX |
7,958.24 |
-0.61% |
7,678.26 |
8,090.49 |
|
NIKKEI 225 |
17,849.28 |
0.02% |
15,725.94 |
18,240.30 |
|
International Market Exchange Rates |
||
|
CURRENCY |
Latest |
Daily Change |
|
EUR/USD |
1.3629 |
0.66% |
|
GBP/USD |
2.0180 |
0.41% |
|
USD/CHF |
1.2116 |
-0.70% |
|
USD/SEK |
6.7814 |
-0.94% |
|
USD/JPY |
123.04 |
0.30% |
|
EUR/USD trading rate |
|||
|
Support |
Resistance |
||
|
Sup. 1 |
1.3520 |
Res. 1 |
1.3610 |
|
Sup. 2 |
1.3480 |
Res. 2 |
1.3630 |
|
Sup. 3 |
1.3420 |
Res. 3 |
1.3650 |
|
Sup. 4 |
1.3380 |
Res. 4 |
1.3680 |
|
Commodities |
||
|
Latest |
Daily (%) |
|
|
GOLD |
657.5 |
1.33% |
|
SILVER |
12.64 |
1.77% |
|
OIL (BRENT) |
73.94 |
0.93% |
|
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.