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EMEA Daily
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EMEA Swap rates were in general trending downwards yesterday
Tue, Jul 21 2009, 06:39 GMT
by Lars Christensen
Review
- Quote of the day: "Representatives sitting in Washington and educated at Yale do not fully understand what is going on in Latvia", Latvian Economics Minister Kampars yesterday on the Latvian TV programme 900 sekundes.
- While Mr. Kampars might be right on his assessment of the IMF staff, it is certainly unhelpful for further negotiations (if there are to be any) to bad mouth the institution that is supposed to give Latvia a loan. In our view it increasingly looks like the IMF will not pay out the next instalment on Latvia’s loan. This not only has ramifications for Latvia, but should also be a reminder to investors that the IMF is not just a “money machine” that automatically bails out all countries with funding needs.
Preview
- Limited data out today, but keep an eye on the news flow out of Latvia.
Trading update
- This week’s trading got off to a good start. Supported by higher risk appetite, the currencies we track saw a positive performance in yesterday’s trading. Especially the South African rand and the Russian rouble outperformed. ZAR was supported by the appointment of the SARB governor, Mr Mboweni’s successor (see comment). RUB was supported by higher oil prices, which is by far the most important driver for the Russian currency.
- EMEA Swap rates were in general trending downwards yesterday. Especially Turkish and South African were lower – mainly in the two-year segment.
- With no local data out, EMEA markets are likely to track global sentiment and market volumes are likely to continue to be very low.
Published on Tue, Jul 21 2009, 06:46 GMT
Archive
- The rate decision in Hungary will take centre stage today
Published On Mon, Nov 23 2009, 06:26 GMT - The EMEA FX markets were on the soft side on Thursday
Published On Fri, Nov 20 2009, 06:14 GMT - The Turkish rate decision later today is the key event of the day
Published On Thu, Nov 19 2009, 06:11 GMT - Fairly eventful day in terms of economic data in the EMEA region
Published On Wed, Nov 18 2009, 06:13 GMT - Today, focus will turn to the South African rate decision
Published On Tue, Nov 17 2009, 06:14 GMT
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