KBC Market Research Desk
KBC Bank
Currencies
EUR/USD
The euro remains well‐bid even as the Greek debt crisis spirals out of control. The dollar fails to resume its uptrned. US eco data were mixed and Fed policy normalisation will develop in a very gradual way .
EUR/GBP
Sterling remains in good shape. Eco data are less buoyant, but the recovery remains on track. For now, Birxit healdines had only a temporary impact on sterling.
USD/JPY
USD/JPY set a new multiyear top. However, the decline of the yen halted as BOJ’s Kuroda indicated that the BOJ doesn’t want a further weakening of the yen.
EUR/CZK
The Czech koruna returned closer to the CNB floor of EUR/CZK 27 as markets scaled back chances that the CNB will ease policy further.
EUR/PLN
The zloty is correcting lower from the cycle top against the euro reached after the start of the ECB’s QE as the euro rebounded across the board. The outcome of the Presidential elections was slightly zloty negative too.
EUR/HUF
HUF strength/euro weakness has run its course. The correction of the forint is in the first place technically in nature. A further NHB easing might be a slightly negative short‐term. Hungarian growth remains solid.
This non-exhaustive information is based on short-term forecasts for expected developments on the financial markets. KBC Bank cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct or consequential loss arising from any use of this document or its content. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. Although information has been obtained from and is based upon sources KBC believes to be reliable, KBC does not guarantee the accuracy of this information, which may be incomplete or condensed. All opinions and estimates constitute a KBC judgment as of the data of the report and are subject to change without notice.
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EUR/USD regains traction, recovers above 1.0700
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GBP/USD returns to 1.2500 area in volatile session
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XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
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After the US close, it’s the Tokyo CPI
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