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Archive » 2007 , 2008

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European markets of shares opened with decrease

International foreign exchange market. On Monday, European markets of shares opened with decrease. This resulted from world markets recession.

In February 2008, inflation in Europe has been fixed at the highest level from the moment of single European currency introduction at 3,2 % (in annual calculation). The market  reacted at these data by Euro rate decrease. But US dollar is fixed about its record minimum mark five days running. 

It should be also noted that D.Strauss-Khan, Head of IMF, expressed his opinion about Euro rate overstatement, while he thinks that Chinese Yuan and Japanese Yen are undervalued.

Due to investors' aspiration for their risks decrease, Japanese Yen is rising. Yen-to-dollar rate has reached its highest mark for the last 3 years.

With publication at 17:00 KT of data on activity in US business sector, which proved to be much better than expected, US dollar began to recover. Investors expect decrease to 48,0 value, but the index decreased to 48,3. In this connection, Euro fell to 1,5220 level from 1,5270. After these data publication, risk of further US Fed rates decrease has diminished.

Current technical levels as regards main currency pairs:

 EUR/USDGBP/USDUSD/CHF
Resistance 3

 1.5340

 2.0100

 1.0730

Resistance 2

 1.5300

 2.0060

 1.0645

Resistance 1

 1.5240

 1.9970

 1.0610

Support 1

 1.5145

 1.9735

 1.0425

Support 2

 1.5075

 1.9690

 1.0410

Support 3 

 1.4965

 1.9615

 1.0360 

At Ukrainian inter-bank foreign currency market, US dollars keep having the call, and traditional demand in first decade of December  connected with credits redemption necessity, will help US currency to stay above 5,04/$1 mark at least until the end of the current week.

US dollar exchange rate has stayed put today in comparison with exchange rate closure on Friday, when it approached close to 5,06 mark: during the session exchange rate modified within the limits of 5,045/5,060 and constituted at the closure  5,047/5,058.

The majority of transactions has been concluded today by market participants within the limits of 5,050/5,055, with 5,040/5,045 for $1 at bids on Friday.

At DEPO-market since the beginning of the month, inter-bank credit rates are decreasing, but the fall is restrained by element of spare cash in system as well as by budget payments for which term expires today.

Overnight rates today by the end of the day have decreased to 5,0/8,0%, from 8,0/12,0% in the morning and 10/20,0% on Friday. Average weighted rate on transactions at 17:00 KT decreased to 8,2%, from 12,3% a day earlier. Concluded transactions volume by the same moment constituted 2,21 bn, with 2,51 bn according to previous day bids results.  

Rates on credits for the period "from 2 to 7 days" proved to be less liable to recession, but they also show negative dynamics. Interest rates fluctuated here within the range of 10,0/15,9, with larger range of 7,4/14,0% on Friday. Average weighted price on concluded transactions decreased to 11,1% from 12,0% a day earlier. Concluded transactions volume has decreased today to UAH 157 m, from 234 m on Friday.

Rates on credits for the period "from 22 to 31 days" have fluctuated today within the range of 12,0/13,5%, with 10/26% on previous working day.

Comments by C.N. KRAMAROVA, Head of Treasury, JSCB PRAVEX-BANK.

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News thrue march
2008

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