Forex - Emerging Europe Closing Summary and Highlights 12 July


 15:07 (GMT) 12 Jul

  [Forex Highlights]

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Emerging Europe Closing Summary and Highlights 12 July (0101-CHPZ-C01)

HUNGARY

Hungarian government bond yields nudged down by up to 2bps across the curve on Thursday and the forint appreciated a bit on short covering after it suffered losses in the previous several sessions, with the EUR/HUF briefly falling to 324.84.

RUSSIA

While most Russian government bonds were generally stable on Thursday, the ruble gained slightly with the USD/RUB temporarily falling to 61.922, driven by higher oil prices after the IEA said in its monthly report that global production "might be stretched to the limit" by supply losses.

SOUTH AFRICA

South African government bond yields ticked up by up to 3bps across the curve on Thursday but the rand appreciated with the USD/ZAR briefly falling to 13.3423. The currency was supported by higher precious metal prices as well as data showing that manufacturing production growth accelerated to 2.3% y/y in May from 1.0% y/y in April, a much better reading than the consensus forecast of -0.6% y/y.

TURKEY

While most Turkish government bond yields rose by 13-38bps on Thursday, the lira recovered slightly on short covering with the USD/TRY temporarily falling to 4.783 after it climbed to 4.9711 late on Wednesday. The currency was helped by comments from Treasury and Finance Minister Berat Albayrak, who said that it was "unacceptable for central bank independence and its decision making mechanisms to be a subject of speculation", adding that the CBRT would do "whatever market conditions require" and that the authorities would take measures to reduce inflation to single digits as quickly as possible.


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