Limited pressures and rise in yields are observed in the bond market. Despite the uncertainty caused by the escalating crisis in the Middle East and the subsequent negative consequences on the inflation front, the push for interest rate cuts within the European Central Bank (ECB) remains intact.
Today from Washington, where the IMF Spring Meeting is taking place, ECB member and Governor of the Bank of Slovenia, Bostjan Vasle, stated that the ECB deposit rate should be “much closer” to 3% by the end of the year from the current high record of 4% if disinflation continues as expected.
Meanwhile, the Ministry of Finance will proceed with the scheduled auction of six-month treasury bills (26 weeks) next Wednesday. Their yield, according to analysts, is estimated to remain at 3.75%, as it was set in the previous auction in March.
In the secondary bond market today, specifically in the Electronic Secondary Bond Trading System (HDAT) of the Bank, transactions totaling 77 million euros were recorded, of which 18 million euros were purchase orders.
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The yield of the Greek 10-year bond stood at 3.52% from 3.44% yesterday compared to 2.46% of the corresponding German bond, resulting in the spread being set at 1.06%.
In the currency market, the euro moves lower against the dollar in the afternoon, with the European currency trading at $1.0655 from the opening level of $1.0690.