Forex - Emerging Europe Closing Summary and Highlights 11 Sep

 15:44 (GMT) 11 Sep

  [Forex Highlights]

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Emerging Europe Closing Summary and Highlights 11 Sep (0101-PDZQ-C01)


While most Polish government bond yields fell by 3-10bps on Wednesday, the zloty weakened slightly with the EUR/PLN exceeding the 4.34 resistance level. The currency was hurt by comments from NBP Governor Adam Glapinski, who said that the Bank had room for monetary easing if necessary as well as comments by MPC member Eryk Lon, who said that the MPC should discuss rate cuts rather than hikes.


Most Russian government bonds were generally stable on Wednesday but the ruble continued to strengthen, with the USD/RUB briefly falling to 65.29. The currency was helped by hopes of better relations between Russia and the U.S. after U.S. President Donald Trump dismissed hawkish national security adviser John Bolton, and higher oil prices in the aftermath of the data from the Energy Information Administration and American Petroleum Institute showing that U.S. crude stocks dropped by 6.9-7.2mn barrels last week compared to the expected 2.7-2.9mn barrel decrease.


While most South African government bond yields rose by up to 4bps on Wednesday, the rand erased early morning's gains with the USD/ZAR temporarily rising to 14.7625. Assets were hurt by the broadly stronger U.S. dollar as well as data showing that the SACCI business confidence index deteriorated for the second consecutive month in August, to a 34-year low of 89.1 from 92.0 in July while the BER business confidence index worsened to a 20-year low of 21 in Q3 from 28 in Q2, below the consensus forecast of 28.


The Turkish three-year government bond yield dropped by 25bps on Wednesday to 14.92% and the lira reversed part of the losses recorded in the previous several sessions, outperforming other EMEA currencies with the USD/TRY briefly falling to 5.7471.

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