Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: Taking their cue from losses in Wall Street overnight, Asian stock markets moved broadly lower on Wednesday as caution prevailed ahead of the ECB meeting and key US data later in the week. In FX markets, the USD extended its recent gains remaining supported by market expectations that the Fed will embark on a rate tightening cycle by Q3 this year.
GREECE: Several press reports suggested today that, in an effort to potentially secure an early disbursement of the pending €7.3bn loan installment, Greece’s Minster of Finance Yanis Varoufakis will present in detail a bulk of key reforms -incorporated in the recently approved list- at next week’s Eurogroup (March 9) in an effort to reach an agreement on which ones can be implemented immediately.
SOUTH EASTERN EUROPE
SERBIA: In view of moderate dinar demand from local corporate clients, the EUR/RSD extended it recent uptrend on Tuesdayto close modestly higher at 120.77/97.
ROMANIA: In line with the broadly weakening trend witnessed in emerging market currencies on Tuesday, the EUR/RON firmed by ca 0.5% to close at 4.4580 by the session’s settlement
CESEE MARKETS: Most emerging stock markets fell in morning trade as caution prevailed ahead of the ECB meeting and key US labour data due later in the week. In the FX markets, CEE currencies extended their recent losses ahead of Poland’s Central Bank monetary policy announcement later today, where the MPC is broadly anticipated to cut its key policy rate by 25bps to a new record low of 1.75%.
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