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GLOBAL & REGIONAL DAILY (Wednesday 1, April 2020)
GLOBAL & REGIONAL DAILY
HIGHLIGHTS
April 1, 2020
Global Markets
Euro area headline HICP inflation dropped by 0.5pp to 0.7%YoY in March on the back of lower oil prices, while core inflation was down 0.2pp to 1.0%YoY. In FX markets, the USD gained, broadly favored by its safe-haven appeal, recovering part of yesterday’s losses driven by the Fed’s announcement that it would allow foreign central banks to exchange their holdings of US Treasuries for overnight dollar loans.
Greece
According to ELSTAT, the overall volume index in retail trade in Jan-20, increased by 8.4%YoY while the seasonally adjusted overall volume index increased by 3.3%MoM. The Ministry of Finance has defined three frameworks of support measures for companies and workers, covering a broad range of sectors.
CESEE
Bulgaria: Bulgarian National Bank’s (BNB) Governor Dimitar Radev stated that the ERM II and the EU’s Banking Union accession in the summer of 2020 is no longer realistic taking into account the impact from the Covid19 spread. Serbia: Fitch cut its 2020 GDP growth forecast to 0.2% from 3.6% projected earlier on the back the drawback from the Covid19 outbreak.
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