With a rise in bond yields, he made a “football” in 2023

With their yields maintained at high levels European bonds were traded on the first day of the year.

The pressures exerted within the ECB for larger interest rate hikes combined with the developments on the pandemic front in China are creating a negative climate in the markets.

European Central Bank Governing Council member Joachim Nagel said on Monday that additional measures are needed to contain expectations of rising prices and bring inflation back to the 2% target. The German Central Banker estimates that the ECB should not hold back the rate at which it will proceed with the next interest rate increases (by 0.5% each time) in order to mitigate the risk of recession. After a 250 basis point hike in interest rates in four months, the European Central Bank, despite signs that inflation has peaked, admits it fears the scenario will remain high for too long.

For her part, the head of the ECB, Christine Lagarde, warned a few days ago that the increase in interest rates will continue, so that inflation does not consolidate at high levels. “This process is critical because it would be much worse for the economy to consolidate inflation at high levels,” she said in an interview.

30 million euros worth of transactions were recorded in HDAT today, of which 16 million euros related to purchase orders.

The yield on the Greek 10-year bond stood at 4.74% compared to 2.44% of the corresponding German bond, resulting in a spread of 2.30%.

In the foreign exchange market, the euro is moving lower against the dollar, as the European currency was trading at $1.0665 in the early afternoon from the $1.0670 level at which the market opened.

The indicative euro/dollar exchange rate announced by the European Central Bank stood at $1.0683.

RES-EMP

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