On Monday, CE currencies were trading mostly under the impression of EMU debt crisis. The Czech koruna proved its relative stability and posted only modest losses (although in intraday trading the EUR/CZK cross rate tested this year’s high at 24.66 EUR/CZK), whereas the zloty and especially the forint depreciated by 1.4% and 2.2% respectively. Regarding Polish figures, the statistical office said yesterday that sold industrial output grew by 8.1% y/y in August, i.e. three times more than expected. After the release, the Monetary Policy Council member Zita Gilowska said that the data did not support changes in monetary policy in any direction (let us remind that markets currently bet on a rate cut in 9 months horizon). Nevertheless, Gilowska added that dramatic changes in forex market might justify a rate hike. Similar issues seem to be discussed in Hungary. Today, the NBH meeting will take place.
EUR/CZK close to this year’s high
20.09.2011 | , Patria.cz
On Monday, CE currencies were trading mostly under the impression of EMU debt crisis. The Czech koruna proved its relative stability and posted only modest losses (although in intraday trading the EUR/CZK cross rate tested this year’s high at 24.66 EUR/CZK), whereas the zloty and especially the forint depreciated by 1.4% and 2.2% respectively. Regarding Polish figures, the statistical office said yesterday that sold industrial output grew by 8.1% y/y in August, i.e. three times more than expected. After the release, the Monetary Policy Council member Zita Gilowska said that the data did not support changes in monetary policy in any direction (let us remind that markets currently bet on a rate cut in 9 months horizon). Nevertheless, Gilowska added that dramatic changes in forex market might justify a rate hike. Similar issues seem to be discussed in Hungary. Today, the NBH meeting will take place.
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