|
"Too many mergers resemble the marriage of two cripples who become twice as old, twice as bureaucreatic
and twice as undynamic." - Peter Drucker
FOREX MARKET
The USD is looking like it may head stronger again on the broader market after yesterday's market reaction to
smaller than expected Trade Balance deficit. It turns out the latest upward move in the EUR/USD was a bit
overdone, as the reaction to the ECB meeting and Trichet's rhetoric and the slightly smaller than expected US
Trade Deficit showed a market that it simply not able to commit to a weaker USD. The ECB decided to keep
the EUR interest rates at 2.25%, as they chosed to sustain the economical growth of the European countries.
However we need to see the pair breaking the key support at 1.2000 in order to forecast a downward trend.
We keep the resistance in the 1.2120 zone in case of any upside swing in the EUR/USD exchange rate.
On Thursday, there was the first day this week when the Romanian currency depreciated slightly vs. the euro,
as the EUR/RON dropped until 3.6250 when most of the players closed their positions. At this level, the
importers entered the forex market and purchased the euro for their monthly payments and the exchange rate
moved higher in the 3.6360 area. Today, the opening bids stood at 3.6380 and until noon the exchange rate
remained rangebound in the 3.6300-3.6400 area. However we keep our view in favour of further RON
appreciation against the euro in the near future.
MONEY MARKET
As the NBR decided to attract less than its announcement, the ON interest rates declined to 3-6% a day after
the three-month CD auction. However, we expect that in several days the short term interest rates to move
back in the 5-7% levels.
|
Domestic Markets Foreign Exchange Rates |
||||
|
NBR |
Daily Change |
Year to Date(%) |
Annualized |
|
|
EUR/RON |
3.6391 |
0.0069 |
-8.25% |
-7.98% |
|
USD/RON |
2.9963 |
-0.0134 |
3.54% |
3.42% |
|
GBP/RON |
5.3021 |
0.0227 |
-5.50% |
-5.32% |
|
CHF/RON |
2 3501 |
0.0031 |
-8.57% |
-8.29% |
|
Interbank Market Interest Rates (%) |
||||
|
ON |
1M |
6M |
12M |
|
|
BUBID |
4.69% |
5.41% |
4.72% |
4.44% |
|
BUBOR |
7.09% |
7.51% |
7.25% |
7.22% |
|
LIBOR (EUR) |
2.34% |
2.39% |
2.65% |
2.84% |
|
LIBOR (USD) |
4.29% |
4.47% |
4.73% |
4.86% |
|
Romanian Equities |
||
|
Last |
Daily (%) |
|
|
BET |
7,564.69 |
1.67% |
|
BET-C |
4,442.08 |
1.73% |
|
BET-FI |
53,895.91 |
0.66% |
|
RASDAQC |
1,752.36 |
0.58% |
|
Romanian Bonds |
||||
|
Maturity |
Cupon |
Price |
Daily (%) |
Yield |
|
27-Jun-08 |
10.63% |
116.79 |
0.03% |
3.32 |
|
02-Jul-10 |
5.75% |
108.86 |
0.06% |
3.55 |
|
06-May-12 |
6.50% |
126.68 |
0.38% |
3.67 |
|
22-Jun-15 |
4.125% |
99.44 |
0.59% |
4.19 |
|
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 |
1,286.06 |
-0.63% |
1,176.84 |
1,290.15 |
|
DJI |
10,962.36 |
-0.73% |
10,847.41 |
11,043.44 |
|
NASDAQ |
2,316.69 |
-0.63% |
2,205.32 |
2,331.36 |
|
XETRADAX |
5,542.13 |
0.17% |
5,350.18 |
5,537.11 |
|
NIKKEI 225 |
16,454.95 |
0.06% |
11,160.88 |
16,445.19 |
|
International Market Exchange Rates |
||
|
CURRENCY |
Latest |
Daily Change |
|
EUR/USD |
1.2057 |
-0.70% |
|
GBP/USD |
1.7636 |
-0.11% |
|
USD/CHF |
1.2831 |
0.70% |
|
USD/SEK |
7.7169 |
0.24% |
|
USD/JPY |
114.48 |
0.48% |
|
EUR/USD trading rate |
|||
|
Support |
Resistance |
||
|
Sup. 1 |
1.2000 |
Res. 1 |
1.2120 |
|
Sup. 2 |
1.1970 |
Res. 2 |
1.2180 |
|
Sup. 3 |
1.1900 |
Res. 3 |
1.2200 |
|
Sup. 4 |
1.1800 |
Res. 4 |
1.2230 |
|
Commodities |
||
|
Latest |
Daily (%) |
|
|
GOLD |
546 |
-0.18% |
|
SILVER |
8.96 |
0.00% |
|
OIL (BRENT) |
63.19 |
1.85% |
|
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.