Forex - Emerging Europe Closing Summary and Highlights 21 Aug


 15:10 (GMT) 21 Aug

  [Forex Highlights]

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Emerging Europe Closing Summary and Highlights 21 Aug (0101-NQGB-C01)

HUNGARY

Hungarian government bond yields rose by 2-17bps across the curve on Wednesday and the forint appreciated a bit on short covering, with the EUR/HUF briefly falling to 327.01.

RUSSIA

While Russian government bond yields decreased by 3-10bps across the curve on Wednesday, the ruble extended its gains with the USD/RUB temporarily falling to 65.779 after it breached the 66.148 and 66.05 support levels. Assets were helped by the ongoing tax payment period 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 2.7-3.5mn barrels last week compared to the expected 1.5-1.9mn barrel decrease.

SOUTH AFRICA

South African government bond yields decreased by 10-13bps across the curve on Wednesday and the rand continued to strengthen, still outperforming other EMEA currencies with the USD/ZAR briefly falling to 15.162 after it breached the key 15.25 and 15.1667 support levels. Assets were driven by the CPI release showing that headline inflation slowed to a six-month low of 4.0% y/y in July from 4.5% y/y in June, below our lower-than-consensus forecast of 4.2% y/y while core inflation nudged down to 4.2% y/y last month from 4.3% y/y in June, slightly below the consensus forecast of 4.3% y/y.

TURKEY

While the Turkish 3-5 year government bond yields rose by 9-68bps on Wednesday, the lira recovered part of the losses it suffered in the previous several sessions with the USD/TRY temporarily falling to 5.705.


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