The pressures on the bond markets are maintained, with the result that their yields remain at high levels. The trend that now seems to have taken shape in the markets of the euro area, but also that of the USA, is attributed to the gradual reversal of the monetary policy pursued by the Central Banks in a more restrictive direction, and to the withdrawal of the emergency measures they had adopted due to the pandemic. in order to tame inflation.
The turnaround, which leads to higher interest rates, is expected to start first in the United States, negatively affecting as countries the head of the International Monetary Fund Kristalina Georgieva warned today those countries that have high external public debt in dollars.
The ECB – as the markets anticipate – will also be forced to switch to a tighter monetary policy, but not at the same pace as the Fed, as Christine Lagarde clarified today. This is because, as she explained in a digital event at the World Economic Forum, the recovery of the eurozone is moving at a different pace than that of the US economy, as evidenced by developments in the labor market. In any case, the head of the ECB made it clear that the ECB will act when its inflation criteria are met.
In the domestic bond market, and more specifically, in the Electronic Trading System of the Bank of Greece (HDAT), today, transactions of 24 million euros were recorded, of which 8 million related to purchase orders. The yield on the 10-year benchmark bond increased to 1.72% from 1.66% yesterday, compared to -0.07% of the corresponding German, with the result that the margin widened to 1.79% from 1.67%.
In the foreign exchange market, the euro is recovering against the dollar as the European currency traded early in the afternoon at $ 1.1341 from the $ 1.131 that the market opened.
The indicative price for the euro / dollar exchange rate announced by the European Central Bank was $ 1.1348.
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