Issue link: https://maltatoday.uberflip.com/i/410228
maltatoday, WEDNESDAY, 5 NOVEMBER 2014 11 Business Today www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way Exchange Rates Issue Date: 04-Nov-14 Set: 1 Issue Time: 07:26:58 Value Date: 06/11/2014 Currency Cash Cash Non-Cash Non-Cash Revaluation Buying Selling Selling Buying British Pound (GBP) 0.8174 0.7596 0.7674 0.7988 0.7831 United States Dollar (USD) 1.3074 1.2150 1.2275 1.2777 1.2526 Swiss Franc (CHF) 1.2589 1.1699 1.1820 1.2302 1.2061 Australian Dollar (AUD) 1.4974 1.3916 1.4059 1.4633 1.4346 Canadian Dollar (CAD) 1.4828 1.3780 1.3922 1.4490 1.4206 Japanese Yen (JPY) 148.2200 137.7497 139.1698 144.8502 142.0100 Danish Krone (DKK) 7.7700 7.2200 7.2900 7.5900 7.4400 Swedish Kronor (SEK) 9.6900 9.0000 9.0900 9.4700 9.2800 Hong Kong Dollar (HKD) 10.1358 9.4196 9.5167 9.9051 9.7109 Norwegian Krone (NOK) 8.9000 8.2700 8.3600 8.7000 8.5300 New Zealand Dollar (NZD) 1.6852 1.5662 1.5823 1.6469 1.6146 Singapore Dollar (SGD) 1.6847 1.5657 1.5818 1.6464 1.6141 South African Rand (ZAR) 14.4285 13.4090 13.5472 14.1002 13.8237 Czech Koruna (CZK) 28.9900 26.9400 27.2215 28.3325 27.7770 Polish Zloty (PLN) 4.4100 4.1000 4.1385 4.3075 4.2230 Hungarian Forint (HUF) 339.6162 290.2168 302.5627 314.9110 308.7373 Moroccan Dirham (MAD) 12.1660 10.3964 ********* ********* 11.0600 Tunisian Dinar (TND) 2.3800 2.2100 2.2346 2.3258 2.2802 United Arab Emirates Dirham (AED) 5.0607 4.3246 4.5086 4.6926 4.6006 Bahraini Dinar (BHD) 0.5195 0.4440 ********* ********* 0.4723 Gibraltar Pound (GIP) 0.8613 0.7360 ********* ********* 0.7830 Israeli New Sheqel (ILS) 5.2380 4.4761 ********* ********* 4.7618 Kuwaiti Dinar (KWD) 0.4001 0.3419 ********* ********* 0.3637 Saudi Riyal (SAR) 5.1687 4.4169 ********* ********* 4.6988 Turkish New Lira (TRY) ********* ********* 2.7369 2.8487 2.7928 Thailand BAHT (THB) ********* ********* 40.0779 41.7138 40.8958 Chinese Renminbi (CNY Onshore) ********* ********* 7.5076 7.8140 7.6608 Chinese Renminbi (CNH Offshore) ********* ********* 7.5151 7.8219 7.6685 All Chinese Renminbi transactions, irrespective of amounts, are to be referred to Branches or Treasury. Rates shown here are indicative only and are subject to change without notice. The final exchange rate offered by the bank /applied to your transaction may vary from the rate indicated here. Our staff at the Branches or Treasury will be pleased to provide you with exchange rates for your specific transactions. The rates quoted above are against the euro. 15.93 16.03 1167.45 1167.85 SILVER GOLD D + 1 SEPA payments and payments sent to countries and in the currencies regulated by the Payments Services Directive (PSD) D + 2 All Other Currencies US Dollars per TROY ounce Value Date Currency Same Day EUR/GBP/USD/CAD PUBLIC Regular market closed –4/11/2014 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap ✴ BOV 90120 202670.600 14 2.252 2.240 2.252 2.251 0.001 2.249 ✴ GO 1820 4651.500 5 2.600 2.550 2.550 2.600 0.050 2.556 ● HSB 2361 4683.320 4 1.995 1.970 1.995 1.970 -0.005 1.984 ● IHI 12000 6540.000 3 0.545 0.545 0.545 0.545 0.005 0.545 ● MIA 4500 10485.000 1 2.330 2.330 2.330 2.330 0.000 2.330 ● PZC 20000 12400.000 1 0.620 0.620 0.620 0.620 0.020 0.620 ● SFC 1596 4810.500 2 3.020 3.010 3.020 3.010 0.000 3.014 ● G16B 1008541 1099417.830 4 109.060 109.010 109.060 109.010 -0.060 109.010 ● G20B 7300 8601.590 1 117.830 117.830 117.830 117.830 -0.300 117.830 ● G21A 20336 24893.300 2 122.410 122.410 122.410 122.410 -0.150 122.410 ● G22B 20000 23650.000 2 118.250 118.250 118.250 118.250 -0.150 118.250 ● G28B 70000 84448.000 3 120.640 120.640 120.640 120.640 -0.190 120.640 ● G30A 60000 77022.000 2 128.370 128.370 128.370 128.370 -0.220 128.370 ● G31A 7000 8856.400 1 126.520 126.520 126.520 126.520 -0.280 126.520 ● G32A 1000 1181.300 1 118.130 118.130 118.130 118.130 -0.230 118.130 ● G32B 1086000 1252832.200 3 115.370 115.270 115.270 115.370 -0.180 115.360 ● G33A 65000 72943.000 2 112.220 112.220 112.220 112.220 -0.290 112.220 ● G34A 1462200 1606149.660 10 110.050 109.750 110.050 109.750 -0.280 109.840 ● AX24A 8100 8646.750 2 106.750 106.750 106.750 106.750 0.000 106.750 ● BV19A 6700 7135.500 3 106.500 106.500 106.500 106.500 0.240 106.500 ● BV20A 9000 9423.900 2 104.710 104.710 104.710 104.710 0.030 104.710 ● IH20A 5000 5100.000 1 102.000 102.000 102.000 102.000 -0.490 102.000 ● MB15A 5000 5100.000 2 102.000 102.000 102.000 102.000 0.000 102.000 ● MF24A 15000 15750.000 1 105.000 105.000 105.000 105.000 0.500 105.000 ● MI17A 5000 4750.000 1 95.000 95.000 95.000 95.000 -3.000 95.000 ● PC20A 19100 20485.550 2 107.260 107.250 107.250 107.260 0.260 107.250 ● TI24A 4000 4218.900 3 105.500 105.450 105.450 105.500 -0.250 105.470 Money Market Report for the week ending October 24, 2014 ECB Monetary Operations On Monday, October 27, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, October 28, and attracted bids from euro area eligible counterparties of €118.15 billion, €25.23 billion higher than the bid amount of the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 0.05%, in accordance with current ECB policy. On Wednesday, October 29, the ECB conducted a three-month longer-term refinancing operation to be settled as a fixed rate tender procedure with full allotment, with the rate fixed at the average rate of the MROs over the life of the operation. The auction attracted bids of €10.16 billion from euro area eligible counterparties, which amount was allotted in full in accordance with current ECB policy. Also on Wednesday, October 29, the ECB conducted a seven- day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation was carried out at a fixed rate of 0.59% and did not attract bids from euro area eligible counterparties. Domestic Treasury Bill Market In the domestic primary market for Treasury bills, the Treasury invited tenders for 28-day bills maturing on November 28, 2014. Bids of €37.00 million were submitted for the 28-day bills, with the Treasury accepting €22.00 million. Since €39.50 million worth of bills matured during the week, the outstanding balance of Treasury bills decreased by €17.50 million, to stand at €261.42 million. The yield from the 28-day bill auction was 0.086%, i.e. 2.6 basis points higher than on bills with a similar tenor issued on October 24, 2014, representing a bid price of 99.9933 per 100 nominal. During the week under review, there was no trading on the Malta Stock Exchange. On Tuesday the Treasury invited tenders for 28-day and 182-day bills maturing on December 5, 2014 and May 8, 2015, respectively. Market Commentary: Investors remain cautious ahead of ECB meeting The culmination of recent market events following a correction in both credit and equity markets over the summer months and then again in Oc- tober reaches its (potential) climax to- morrow as the market eagerly awaits the tone of ECB president Mario Draghi at its rate setting meeting. Following last Friday's announcement by the Bank of Japan that it would continue to pump money into the Japanese economy (up to a quarter trillion dollars per year), the ECB is clearly under pressure to perform, and put its money where its mouth is and announce a fresh bout of asset purchases to stimulate the eurozone economy and boost economic activity in the region. Meanwhile, a week before its scheduled meeting, the ECB published an update on its Covered Bond Purchase Programme, with the total amount of covered bond purchases now standing at €4.8bn after two weeks. In stark contrast, last week the FOMC meeting was a clear sign that the US is ahead of the curve in terms of economic recovery and is now seeking to focus on seeing that much- need uptick in inflationary numbers, now that economic slack seems to be under control. Despite last week's announcement, demand for US treasuries failed to abate as investors bid in auctions is at its highest rate. While the Fed has been the biggest source of demand since the financial crisis broke out way back in 2007, the willingness of foreign central banks, insurers and pension funds to stock up on US treasuries has enabled US borrowing costs to remain low. This week is expected to be the busiest week of the earnings season, as by the end of this week, at least two thirds of Europe's largest companies would have reported earnings. Meanwhile, on the data front, yesterday we saw the majority of Eurozone PMIs coming in line with expectations, except for the solitary disappointing Italian print, whilst US ISM manufacturing surprised to the upside. On a similar note, business activity in China during the month of October revealed several weaknesses, however with signs of strength in distinct parts of the world's second-largest economy. The headline figure for the October HSBC final manufacturing PMI moved higher compared with September, though its sub-indexes largely revealed slower growth. To this effect, market analysts highlight the need for more government stimulus, including easier monetary policies, tax breaks and infrastructure investment, in an attempt to support growth, which could well fall short of the government's target of 7.5% growth for 2014. Going back to data releases this week, the data climax is expected to be reached tomorrow, with rate setting meetings by both the ECB and BoE, whilst we've also got unemployment and Non-Farm payrolls to contend with in the US, followed by key speeches on Friday by Federal Reserve chairman Yellen and her colleague Tarullo. In Latin America, reports have revealed that Brazil economists raised their 2015 benchmark rate forecast after the central bank last week boosted rates for the first time since April. Analysts raised their estimate for the 2015 year-end 12% from 11.50%, according to a central bank survey of about 100 analysts. The analysts also lowered their estimate for economic growth this year to 0.24% from 0.27% the previous week as policy makers unexpectedly raised the key interest rate last week in an effort to curb inflation still hovering above the government-set target. Recently re-elected President Dilma Rousseff in her second consecutive stint at the helm is preparing to name a new economic team to revive an economy that slipped into recession in the first half of the year. This article was issued by Calamatta Cuschieri, visit www.cc.com.mt for more information. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri & Co. Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.