The bond market shows an improved picture at the end of the week compared to the one that was formed at the beginning. Indicatively, the yield on the 10-year bond fell to 3.3% from 3.7% at the beginning of the week and the yield on the corresponding German bond fell below 1%.
Nevertheless, her report Societe Generale published today foresees significant opportunities for expanding the margin of Greek bondsin the rest of the year.
The recent rise in bond prices, however, is also linked to US inflation data, which has fueled investor concerns about growth prospects, given the prospect of aggressive Federal Reserve interest rate hikes.
Regarding ΕΚΤ, the markets seem to have discounted the scenario of the interest rate increase in July with relative certainty, as the relevant rhetoric of the members of its board is strengthened. Today, European Central Bank (ECB) Governing Council member Mario Senteno said the ECB should start a cycle of interest rate hikes in early July and called for the emergency measures to be phased out. According to Reuters, the normalization of monetary policy is “necessary and desirable”, adding that it should be implemented gradually.
In the domestic bond market and more specifically in HDAT, transactions of EUR 90 million were recorded, of which EUR 8 million related to purchase orders. The yield on the 10-year bond stood at 3.38% from 3.60% yesterday, compared to 0.95% of the corresponding German bond, with the result that the margin fell to 2.43% from 2.60% yesterday.
In the foreign exchange market, the euro is still moving against the dollar today, with the result that early in the afternoon the exchange rate of the European currency was around 1.0367 dollars from the level of 1.045 dollars that the market opened.
The indicative price for the euro / dollar exchange rate. announced by the ECB stood at $ 1.0385.