Briefing Romania

Yesterday was arguably one of the most boring trading sessions on the EUR/RON market. The pair traded within some 20 pips throughout the entire day on low turnover. We expect the same low activity for today.

A calm trading session dominated the bond market as well. The curve inched some 1-2 basis points lower but again the low turnover make such moves less significant. The beginning of next week should be more animated as the monthly primary auctions begin.

Cash rates approached the 2.50% key rate. The coming Monday will likely test central bank’s determination to keep monetary conditions tight by absorbing the surplus liquidity.