Forex - Emerging Europe Closing Summary and Highlights 13 Nov


 16:22 (GMT) 13 Nov

  [Forex Highlights]

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Emerging Europe Closing Summary and Highlights 13 Nov (0100-VFPV-C01)

CZECH REPUBLIC

While most Czech government bond yields rose by up to 15bps on Monday, the koruna was generally stable with the EUR/CZK trading in the 25.534-25.571 range.

RUSSIA

Russian assets weakened on Monday with the USD/RUB temporarily rising to 59.5947 and most government bond yields increasing by 2-6bps. They were hurt by lower oil prices amid the broadly stronger US dollar as well as preliminary data showing that GDP growth slowed to 1.8% y/y in Q3 from 2.5% y/y in Q2, below our call as well as the consensus forecast of 2.0% y/y.

SOUTH AFRICA

South African assets were softer on Monday with the USD/ZAR briefly climbing to 14.5725 after it broke above the 14.4935 resistance level and most government bond yields rising by 8-13bps. They suffered from the US dollar's broad-based appreciation, reports that head of the Treasury's budget office Michael Sachs resigned in protest against President Jacob Zuma's plan for a free higher education as well as reports that some ANC members called on Secretary General Gwede Mantashe to resign.

TURKEY

Turkish assets weakened on Monday with the USD/TRY temporarily rising to 3.8882 and most government bond yields increasing by 7-9bps. They were hurt by the broadly stronger US dollar as well as data showing that the current account deficit widened to USD 4.53bn in September from a downwardly revised USD 0.98bn in August, a worse reading than the consensus forecast of USD -4.05bn and worse than the USD -1.59bn reading registered in September 2016.


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