Forex - Emerging Europe Closing Summary and Highlights 3-7 Dec


 16:41 (GMT) 07 Dec

  [Forex Highlights]

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Emerging Europe Closing Summary and Highlights 3-7 Dec (0101-GSFC-C01)

Last week, most EMEA currencies benefitted from the U.S. dollar's broad-based depreciation, with the ruble outperforming on higher oil prices after OPEC+ agreed to curb oil output by a combined 1.2mn barrels per day. But both the lira and the rand depreciated, with the former hurt by fears of premature rate cuts by the CBRT in the aftermath of the data showing that headline CPI inflation slowed to 21.62% y/y in November from a 15-year high of 25.24% y/y in October, below the consensus forecast of 23.04% y/y. In turn, the rand suffered from data revealing that the annualized current account deficit ticked up to ZAR 177bn, 3.5% of GDP in Q3 from ZAR 164bn, 3.4% of GDP in Q2 as well as concerns about power utility Eskom and the sovereign rating after Public Enterprises Minister Pravin Gordhan said that the government was considering restructuring the company's debt. We expect most currencies to be vulnerable in the coming week due to worries about the escalation of the U.S.-China trade war and because the U.S. November CPI and PPI readings will probably surprise the consensus on the higher side (Continuum Economics: 0.1% m/m for both).


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