Forex - Emerging Europe Closing Summary and Highlights 13 Mar


 16:41 (GMT) 13 Mar

  [Forex Highlights]

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Emerging Europe Closing Summary and Highlights 13 Mar (0101-JWCN-C01)

HUNGARY

While most Hungarian government bonds were generally stable on Wednesday, the forint extended its gains, outperforming other EMEA currencies with the EUR/HUF briefly falling to 314.49 after it breached the key 314.65 support level. The currency was supported by expectations that Mihaly Patai, who would be nominated as MNB Deputy Governor to replace Ferenc Gerhardt after the latter's term expires on April 21, would be more hawkish than Gerhardt.

RUSSIA

Most Russian government bonds were generally stable on Wednesday but the ruble continued to strengthen, with the USD/RUB temporarily falling to 65.338 after it broke below the key 65.40 support level. The currency still benefitted from higher oil prices after the EIA cut its U.S. crude output forecasts for 2019-2020 and EIA data showed that U.S. crude stocks dropped by 3.9mn barrels last week compared to the expected 2.7-3.0mn barrel increase. In addition, the Finance Ministry sold a record RUB 56.7bn of 10-year government bonds in an auction.

SOUTH AFRICA

While most South African government bond yields nudged down by up to 3bps on Wednesday, the rand extended its losses, underperforming other EMEA currencies with the USD/ZAR briefly rising to 14.4458. The currency was hurt by data showing that the RMB/BER business confidence index deteriorated for the fourth consecutive quarter in Q1, to a near-two-year low of 28 from 31 in Q4 2018, below the consensus forecast of 32.

TURKEY

Most Turkish government bond yields rose by 13-25bps on Wednesday and the lira continued to weaken in the aftermath of the weaker-than-expected Q4 2018 GDP data out on Monday, with the USD/TRY temporarily rising to 5.4792.


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