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3 Apr 2014
EMEA EM Express: Ousted Ukrainian president calls for regional referendums on status within Ukraine
FXStreet (Łódź) - The conflict between Ukraine and Russia continues to cause concerns, as despite the recent calming down of the situation, the threat of a re-escalation remains. Ukraine is currently preparing for the early presidential election scheduled for 25 May, while former president Viktor Yanukovych urged the new authorities to hold regional referendums on their status “within Ukraine,” so that they could follow in the footsteps of Crimea, if they choose.
"Only a referendum on the whole of Ukraine in every region can stabilise the political situation, and preserve its independence and unity," the former president stressed.
Yanukyvch, currently in exile in Russia, also questioned the legitimacy of the upcoming presidential elections saying that “we need to see how and in which conditions the current rulers came to power. If we look at this from the viewpoint of legality, then of course there is and was no legality or constitutionality here.” He warned that hasty elections could further destabilize the situation in the country.
Economic data
On Wednesday there was a lack of significant data releases in the EMEA EM countries. On Thursday though Russia released its Services PMI numbers, which showed a contraction at 47.7 in March, following a 50.8 reading in February.
Turkey informed that on an annual basis inflation in the country jumped to 8.39% in March, from 7.89% in February. Month-on-month CPI grew to 1.13% from 0.43%.
„The upside surprise came from a broad-based jump in core prices (core CPI rose to 9.3% vs mkt 8.8%), likely due to continued passthrough from the depreciation in the lira through Dec–Jan,” as Jacqui Douglas, Senior Global Strategist at TD Securities comments. „While CPI had been expected to peak around 9% in May, it now looks like the peak will be more like 9.5%, bringing CPI uncomfortably close to double-digit rates.”
TurkStat also published the Producer Price Index results. Year-on-year PPI rose 12.31% in March, up from 12.40% seen teh previous moonth. On a monthly basis PPI increased 0.74%, following +1.38%.
Hungarian Retail sales climbed 6.7% (YoY) in February, after risisng 6.2% in January, above forecasts of a 5.4% increase.
Technicals
The Hungarian forint rose against the euro yesterday on positive Retail Sales results, but retraced the gains on Thursday ahead of the ECB decision.
USD/HUF climbed 0.08% to 223.2700 yesterday. The daily FXStreet Trend Index was strongly bearish, and the OB/OS Index neutral. The Daily 2-StDev Volatility Bandwidth was expanding at 1.3584, with ATR (14) shrinking at 2.1864.
"Only a referendum on the whole of Ukraine in every region can stabilise the political situation, and preserve its independence and unity," the former president stressed.
Yanukyvch, currently in exile in Russia, also questioned the legitimacy of the upcoming presidential elections saying that “we need to see how and in which conditions the current rulers came to power. If we look at this from the viewpoint of legality, then of course there is and was no legality or constitutionality here.” He warned that hasty elections could further destabilize the situation in the country.
Economic data
On Wednesday there was a lack of significant data releases in the EMEA EM countries. On Thursday though Russia released its Services PMI numbers, which showed a contraction at 47.7 in March, following a 50.8 reading in February.
Turkey informed that on an annual basis inflation in the country jumped to 8.39% in March, from 7.89% in February. Month-on-month CPI grew to 1.13% from 0.43%.
„The upside surprise came from a broad-based jump in core prices (core CPI rose to 9.3% vs mkt 8.8%), likely due to continued passthrough from the depreciation in the lira through Dec–Jan,” as Jacqui Douglas, Senior Global Strategist at TD Securities comments. „While CPI had been expected to peak around 9% in May, it now looks like the peak will be more like 9.5%, bringing CPI uncomfortably close to double-digit rates.”
TurkStat also published the Producer Price Index results. Year-on-year PPI rose 12.31% in March, up from 12.40% seen teh previous moonth. On a monthly basis PPI increased 0.74%, following +1.38%.
Hungarian Retail sales climbed 6.7% (YoY) in February, after risisng 6.2% in January, above forecasts of a 5.4% increase.
Technicals
The Hungarian forint rose against the euro yesterday on positive Retail Sales results, but retraced the gains on Thursday ahead of the ECB decision.
USD/HUF climbed 0.08% to 223.2700 yesterday. The daily FXStreet Trend Index was strongly bearish, and the OB/OS Index neutral. The Daily 2-StDev Volatility Bandwidth was expanding at 1.3584, with ATR (14) shrinking at 2.1864.