CREDIT EUROPE DAILY
"Anger is costly on the soul, be carefull with what you choose to spend it on." - Bohdan Chreptak
FOREX MARKET
The greenback dropped at two-year low against the euro, after the FOMC meeting on Wednesday when the Federal
Reserve held its benchmark rate steady at 5.25%, as largely expected by the market. Fed removed the phrase on
additional firming from its post-meeting statement and this annoyed investors who begin to price in the nearing of a rate
cut. Therefore the pair surged until 1.3411 level in the American session, but in the European session the euro eased on
some of the gains, after the market took more time to digest Fed �s statement.
On March 21st, RON lost near 200 pips, as the recent bullish regional mood cooled down and ON interest rates
diminished. The domestic forex market opened at 3.3380 level, but shortly after the buying orders prevailed the trading,
as the some off-shore players decided to cash in profits. The correction suffered by RON was rather limited as compared
to its regional peers, as the ON interest rates remained RON supportive, standing above the policy rate.
On Thursday, the single currency was bided in the 3.3420 zone at the opening of the forex session. The buying orders
coming from local players pushed the pair until 3.3500 zone in the first half of the trading. We expect that the EUR/RON
would be traded in the 3.3400-3.3450 area for the rest of the forex session.
MONEY MARKET
The Minister of Finance announced it intends to raise by RON 4bln up to RON 12bln its domestic debt issuance plan for
this year. The upside revision of this year's debt plan increases the chances that Romania would outpace the 2.8%
budget deficit projected for 2007.
On March 22nd, the liquidity of the Romanian money market improved substantially starting from yesterday, when a oneweek
deposit at Minster of Finance of RON 650mln came to maturity. Therefore, the ON interest rates declined until 6/8%
levels in early trading, but rose higher to 8/12% until noontime.
|
Domestic Markets Foreign Exchange Rates |
||||
|
NBR |
Daily Change |
Year to (%) |
Annualized |
|
|
EUR/RON |
3.3499 |
0.0111 |
-0.94% |
-0.77% |
|
USD/RON |
2.5180 |
0.0047 |
-1.93% |
-1.58% |
|
GBP/RON |
4.9383 |
0.0232 |
-2.52% |
-2.07% |
|
CHF/RON |
2.0749 |
0.0063 |
-1.81% |
-1.48% |
|
Interbank Market Interest Rates (%) |
||||
|
ON |
1M |
6M |
12M |
|
|
BUBID |
6.28% |
7.25% |
6.69% |
6.56% |
|
BUBOR |
8.25% |
8.66% |
8.09% |
7.91% |
|
LIBOR(EUR) |
3.83% |
3.87% |
4.01% |
4.13% |
|
LIBOR(USD) |
5.30% |
5.32% |
5.34% |
5.24% |
|
Romanian Equities |
||
|
Last |
Daily (%) |
|
|
BET |
8,625.75 |
0.70% |
|
BET-C |
5,548.69 |
0.82% |
|
BET-FI |
56,341.30 |
2.11% |
|
RASDAQ C |
3,028.97 |
2.03% |
|
Romanian Eurobonds |
||||
|
Maturity |
Cupon |
Price |
Daily (%) |
Yield |
|
27-Jun-08 |
10.63% |
107.51 |
0.10% |
4.30 |
|
02-Jul-10 |
5.75% |
104.32 |
0.05% |
4.30 |
|
06-May-12 |
6.50% |
118.95 |
0.01% |
4.29 |
|
22-Jun-15 |
4.125% |
96.05 |
-0.09% |
4.71 |
|
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 |
1.71% |
1,265.95 |
1,459.68 |
|
DJI |
12,447.52 |
1.30% |
12,110.41 |
12,288.10 |
|
NASDAQ |
2,455.92 |
1.98% |
2,340.68 |
2,524.94 |
|
XETRA DAX |
6,815.93 |
1.71% |
6,447.70 |
7,027.59 |
|
NIKKEI 225 |
17,419.20 |
1.49% |
15,154.06 |
18,215.35 |
|
International Market Exchange Rates |
||
|
CURRENCY |
Latest |
Daily Change |
|
EUR/USD |
1.3364 |
0.43% |
|
GBP/USD |
1.9680 |
0.30% |
|
USD/CHF |
1.2105 |
-0.24% |
|
USD/SEK |
6.9616 |
-0.29% |
|
USD/JPY |
117.49 |
-0.14% |
|
EUR/USD trading rate |
|||
|
Support |
Resistance |
||
|
Sup. 1 |
1.3340 |
Res. 1 |
1.3380 |
|
Sup. 2 |
1.3280 |
Res. 2 |
1.3420 |
|
Sup. 3 |
1.3260 |
Res. 3 |
1.3480 |
|
Sup. 4 |
1.3240 |
Res. 4 |
1.3590 |
|
Commodities |
||
|
Latest |
Daily (%) |
|
|
GOLD |
664.9 |
0.77% |
|
SILVER |
13.38 |
0.45% |
|
OIL (BRENT) |
60.62 |
0.03% |
|
Interest Rates for Time Deposits of Finansbank (Romania) SA |
|||||||
|
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% |
7.75% |
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.