Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: US February’s non-farm payrolls surprised positively pushing US Treasuries lower. In FX markets, the USD moved higher against the EUR in the wake of the positive US data but gains proved short-lived as investors adopt a cautious tone ahead of Thursday’s ECB monetary policy meeting.
GREECE: The Eurogroup that will convene today is expected to determine when the mission heads of the institutions (EC/ECB/ESM/IMF) are to return to Athens to continue deliberations with the Greek side in the context of the 1st programme review. In other news, according to provisional data released by the Hellenic Statistical Authority last week, FY2015 real GDP contraction was 0.2% against -0.7% previously estimated, which translates into a carry-over of -0.4% into 2016.
SOUTH EASTERN EUROPE
CYPRUS: Today’s Eurogroup is expected to discuss the state of play for the economic adjustment program of Cyprus
ROMANIA: Labor productivity and employment were among the macroeconomic variables which benefited from EU funds absorption according to the National Prognosis Commission.
SERBIA: The EUR/RSD remained range bound between 123.20 and 123.60 in the past week as a result of renewed Central Bank intervention.
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