Alpha Bank launches 2.5 per cent rate for 12-month deposits over , €70K
Alpha Bank Cyprus has launched a new deposit product offering a fixed deposit rate of 2.50% annually for twelve-month deposits exceeding €70,000.
interest rate
Soft CPI weakens Swiss Franc
The Swiss Franc strengthened as softer-than-expected Consumer Price Index (CPI) data for March boosted expectations of one more interest rate cut by the Swiss National Bank.
Cyprus to issue new six-year bonds with increased interest rates
The Republic of Cyprus will issue new six-year bonds with slightly increased interest rates for the first two years. The annual nominal interest rate for the first 24 months will be 1.25%, compared to 1.00% in the previous series. The interest rates show small differences for the remaining term, with a slight increase from 24 to 48 months and a slight decrease for the rest of the periods. The weighted average annual interest rate for holding the bond until maturity is approximately 1.367%. For more information, contact the Cyprus Stock Exchange at 22712300.
Euro advances to week-high
The EURUSD pair is rising for the third day in a row, reaching a one-and-a-half-week high in Asian trading. The US Dollar is weakening due to uncertainty about the Federal Reserve’s rate cut path and a positive risk tone in the market. However, expectations of an interest rate cut by the European Central Bank in June could limit further gains for the currency pair.
UK house prices rise by most since Dec 2022
British house prices rose at their fastest annual pace since December 2022 in March, with a 1.6% increase from the previous year.
UK shop prices rise at slowest pace since December 2021
Prices in British shops rose at the slowest pace in more than two years in March, with shop price inflation dropping to 1.3 per cent from 2.5 per cent in February. Food prices rose by 3.7 per cent, down from 5.0 per cent, while non-food prices rose by just 0.2 per cent.
Erdogan vows to make amends after humbling election loss in Turkey
President Tayyip Erdogan acknowledged his party’s defeat in Turkey’s local elections, which was attributed to economic issues and a divisive political style. The opposition party, CHP, won the popular vote for the first time in decades and secured victories in major cities. Erdogan vowed to correct any mistakes made and address the economic challenges faced by voters, as the Turkish lira hit a record low. The opposition’s success was seen as a turning point in Turkish politics, with Istanbul Mayor Ekrem Imamoglu emerging as a strong rival to Erdogan.
Tajikistan says migrants fleeing Russia after concert hall attack
Fact: There has been a surge of migrant workers leaving Russia for Tajikistan after a concert hall attack near Moscow left dozens dead.
Robinhood ventures further beyond trading with new credit card
Robinhood Markets launched a new credit card for Robinhood Gold customers, offering no annual fee, no foreign transaction fees, and 3% cash back on spends.
Euro pressure as ECB officials hint at rate cut in June
The EURUSD pair maintained its position around 1.0770 on Friday, facing downward pressure due to the European Central Bank officials suggesting a probable interest rate cut in June. Weaker-than-expected retail sales data from Germany also contributed to the Euro’s decline. Meanwhile, the US Dollar Index (DXY) strengthened, nearing 104.60, driven by annualised economic expansion in the United States and hawkish statements from a Federal Reserve official.