HIGHLIGHTS
March 27, 2024
Global Markets
The yen remained under pressure with the USD/JPY reaching a 34-year high of 151.97 in early Wednesday trading; EGBs gained slightly following dovish ECB comments.
Greece                                                                                                                                                                             Jan-Feb ’24 fiscal surplus reaches €1.44bn, surpassing the respective 2024 Budget Target; Primary Balance surges to €3.38bn, 70.5% of the 2024 Budget target. Greece’s GDP per capita at 67% of EU average in 2023. The announcement of the new minimum wage, (currently anticipated at €830), has been deferred to Friday.
CESEE
In line with market expectations, the Central Bank of Hungary yesterday cut its key policy rate by 75bps, bringing it to 8.25%. The bank also released its Q1 2024 inflation report based on which both inflation and growth forecasts were revised down by 0.5ppts each, compared to those published in December 2023.
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