HIGHLIGHTS
September 20 2022
Global Markets
With the Fed widely expected to deliver a further 75bps rate hike at this week’s policy meeting and signal that additional rate tightening is still to come, UST yields took another leg higher. Asian bourses were generally firmer today and the USD was a tad weaker on positioning adjustment ahead of the Fed’s verdict on Wednesday.
Greece
Greece’s CPI based real effective exchange rate (REER) against its EA trading partners, a measure of the country’s price competitiveness, increased by 1.9% YoY in Q2 2022 – the highest rate since Q2 2011 – from 0.1% YoY in Q1 2022, reflecting the current positive inflation differential between Greece and the EA.
CESEE
In Bulgaria, the current account (CA) surplus narrowed by 64.7% YoY, to EUR 95.8mn in July, albeit almost doubling YoY between January and July, posting a EUR 803.7mn surplus. On a twelve-month rolling basis, the CA surplus amounted to EUR 174.0mn or 0.2% of the projected GDP for 2022.
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