Wall Street bank JPMorgan said on Tuesday it was going long on the euro versus the Romanian leu in FX spot markets, with the country's intervention policy seemingly shifting after Sunday’s first-round presidential election, https://www.reuters.com/ informs. . The bank said that the leu's movements following the win of George Simion, the country's hard-right eurosceptic opposition leader, in the first round of Romania's presidential election re-run on Sunday raised the chances of a devaluation. In a recent note, the bank had sketched out scenarios including a 3-5% devaluation and a 15-20% devaluation. "We would argue for a 50/50 probabilities between the two devaluation scenarios but the developments on the ground will matter hugely as well," JPMorgan's Anezka Christovova said in a note to clients. However, Christovova said that a different second round outcome of the presidential elections or a change in Simion's rhetoric would alter these probabilities. "We...go long EURRON spot (assuming daily rolling of funding) aiming initially for a 5% total move from pre-intervention levels."
Romania’s industrial output volume index contracted by 3.3% y/y in August, after it boosted positive annual growth rates over the previous three months, according to data published by the statistics office INS. The negative annual growth rate came as a surprise, after the outlook for the country’s industry seemed to have improved over the past […]
A fundraising campaign has been launched to support the creation of the Muzeul Fluierelor Lumii/Museum of World Whistles, a unique cultural project in Romania dedicated to preserving and celebrating one of humanity’s oldest musical instruments - the whistle. Titled “Give a leu for the Museum - don’t let the sound of the whistle fade,” the […]
Romania’s anticorruption prosecutors have indicted Cristian Popescu-Piedone, the former head of the National Authority for Consumer Protection (ANPC), for allegedly warning a hotel in Sinaia ahead of an official inspection. According to a statement released Wednesday, October 15, by the National Anticorruption Directorate (DNA), Popescu-Piedone has been charged under judicial supervision...
Three Bucharest synagogues can be visited afterhours this weekend, while many events are ongoing at Bucharest Photofest and the National Theater Festival.
Investment: 125 million euros to establish STIHL’s European Competence Center for the production of battery packs and battery-powered tools Scale: 47,000 square meters facility on a 147,000 square meters site — capacity of up to 1.8 million battery packs and 1.7 million tools by 2028 Employment: Approximately 700 jobs to be created by 2028 Network: Romania […]
A report published on Wednesday, October 15, by the Council of Europe’s Committee for the Prevention of Torture (or CPT) urges Romanian authorities to address serious shortcomings in the treatment and conditions of detention of patients in forensic psychiatric hospitals. The deficiencies in the Romanian system were identified by the Committee representatives during a visit […]
