Fairly eventful day in terms of economic data in the EMEA region

EMEA Daily

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Review

South African central bank (SARB) decided to keep its key policy rate on hold at 7.00% as broadly expected.
Turkish Labour Ministry said on Tuesday that Turkish unemployment would reach 14.8% at the end of 2009, which was in line with the country’s medium-term economic program.

Preview

Fairly eventful day in terms of economic data in the EMEA region. Focus will be on the Polish labour market data today. Labour market conditions in Poland remain weak with declining employment and weak wage growth.
South African central bank releases its monetary policy review today.

Trading update

EMEA markets were soft on Tuesday as we saw some setback in risk appetite on the back of lower Asian equities overnight. Furthermore, as EMEA markets lacked local news, it was the low risk appetite that remained decisive for the direction of EMEA FX markets on Tuesday.
The South African rand was the hardest hit when the combination of lower risk appetite and comments from a member of the ruling ANC national executive, Cyril Ramaphosa, who said that the central bank should lower interest rates to weaken the rand.
Hungarian yields continue to decline ahead of next week’s rate decision. We are a bit puzzled about the markets’ optimism over Hungarian rate cuts, but must also acknowledge that until now we have been proved wrong and the markets proved right.

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Published On Wed, Nov 18 2009, 06:24 GMT

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