The National Bank of Serbia published its review of global financial market developments for 11 to 15 May 2026, pointing to a stronger USD, higher US and German government bond yields, and diverging commodity prices as gold fell and Brent oil rose. EUR/USD ended the period at 1.1630, down 1.20% over the week. US Treasury yields rose to 4.07% on the two-year and 4.59% on the ten-year, while German yields increased to 2.74% and 3.17% respectively. According to the review, market moves reflected uncertainty over the Middle East conflict and stronger-than-expected US inflation data, with April consumer price inflation at 3.8% year on year and producer price inflation at 6.0% year on year. Gold fell 3.56% to USD 4,544.69 per ounce, while Brent rose 7.87% to USD 109.26 per barrel. In the emerging markets section, the report notes that the National Bank of Romania kept its policy rate at 6.50%, while April inflation reached 10.7% in Romania, 3.2% in Poland, 2.5% in Czechia, 5.6% in Russia and 1.2% in China. First quarter GDP was reported at minus 1.7% year on year in Romania, 3.4% in Poland and minus 0.2% in Russia.
National Bank of Serbia2026-05-20
National Bank of Serbia publishes weekly market review with EUR down 1.20% against USD and Brent up 7.87%
The National Bank of Serbia reviewed global financial markets for 11–15 May 2026, highlighting a stronger United States dollar, higher United States and German government bond yields, and diverging commodity prices as gold fell and Brent oil rose. The report attributes these moves to uncertainty over the Middle East conflict and stronger-than-expected United States inflation data, and notes that the National Bank of Romania kept its policy rate at 6.50% amid elevated inflation and weak first quarter GDP in emerging European economies.