Briefing Romania
Waiting for the October auction calendar
Source: Reuters
EUR/RON
Upside pressure on the EUR/RON resumed on Friday, pushing the pair near the 4.7600 level in afterhours trading. We believe that the leu’s depreciation will continue to be managed if needed and look for a 4.7500-4.7550 trading range for today.
Government bonds
Not much action in the secondary market on Friday with yields closing almost flat compared to the previous day. Investors are likely awaiting for the October auction calendar which should be released today.
Money market
Money market yields remained surprisingly well-behaved in the context of the upside FX pressures. Today’s NBR deposit auction should garner increased demand compared to last week’s RON3.4 billion.
Source: Reuters, ING estimates
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This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more
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