Romania
Briefing Romania
Stronger Romanian leu on inflows into government bonds
EUR/RON
The EUR/RON failed to close below 4.7300 yesterday on another day of heavy turnover. We see a 4.7250-4.7400 range for today with a downside bias as risk-on sentiment prevails after recent signals from Fed speakers.
Government bonds
The bull flattening in the ROMGB curve continued yesterday with long-end yields dropping by another 4-5 basis points.
Money market
Implied cash rates inched around 60 basis points higher to 2.85%. The forward yield curve flattened as 1y implied yields dropped around 10 basis points to 3.80%.
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