Forex - Emerging Europe Closing Summary and Highlights 13 Mar

 16:55 (GMT) 13 Mar

  [Forex Highlights]

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Emerging Europe Closing Summary and Highlights 13 Mar (0100-YGSY-C01)


Most Polish government bond yields rose by up to 5bps on Tuesday but the zloty extended its losses with the EUR/PLN temporarily rising to 4.2153 after it exceeded the 4.2135 resistance level following the comments by hawkish MPC member Lukasz Hardt. Hardt said that while he could not rule out monetary tightening this year, its probability was "lower than a few months ago".


While most Russian government bond yields ticked up by up to 3bps on Tuesday, the ruble depreciated further on lower oil prices with the USD/RUB briefly climbing to 57.0355. But the currency was unfazed by likely further sanctions by the U.K. following the poisoning of Russian double agent Sergei Skripal.


South African government bond yields nudged down by up to 2bps across the curve on Tuesday and the rand erased morning's losses in the afternoon against the broadly softer U.S. dollar amid the unconvincing U.S. February CPI data as well as U.S. Secretary of State Rex Tillerson's dismissal by President Donald Trump, with the USD/ZAR temporarily falling to 11.7525.


While most Turkish government bonds were generally stable on Tuesday, the lira continued to weaken with the USD/TRY briefly rising to 3.874. The currency was hurt by rumours that the ruling AKP party was preparing for early elections as well as reports that a Turkish prosecutor requested a life sentence for U.S. pastor Andrew Brunson in connection with the 2016 failed coup attempt.

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