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A Look At The EAMA Bloc

ByDanske Markets
Published 09/06/2013, 10:29 AM
Updated 05/14/2017, 06:45 AM
Belka signals wait-and-see stance

Yesterday, the Polish central bank (NBP) unsurprisingly kept its key policy rate unchanged at 2.5%. Equally unsurprisingly, the NBP signaled that it would remain in a wait-and-see position for some time to come and would "monitor data until the end of December". We think this is a clear signal that the NBP will not change interest rates in the near future.

Syrian shadows over Turkish markets
Any headline that increases or decreases the likelihood of a US-led attack on the Assad regime in Syria continues to have significant impact on the Turkish markets. Hence, earlier this week when Russian sources reported that missiles had been fired in the Mediterranean (unconfirmed by other countries), it immediately spooked the Turkish markets. In our view, this is a clear sign that even though we no longer believe the Turkishlira is fundamentally overvalued, significant downside risks to the lira remain and any attack on Syria will have a negativeimpact on the currency - at least in the short term.

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