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Weekly Currency Brief
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Złoty the strongest since mid−September
Fri, Nov 13 2009, 14:41 GMT
by Adam Narczewski
Stock markets regained ground and attacked this year’s highs but this past week currencies reacted also to other factors. Last weekend on the G20 meeting, the International Monetary Fund (IMF) stated that the dollar is overvalued, at the same time confirming that the American currency is still the main funding currency for carry trade transactions (those in which we borrow “cheap” currency, buy “expensive” currency and we invest it in stocks). The EUR/USD reacted to the news advancing to $1.5048, close to this year’s high (1.5063). During the second part of the week stock markets declined and so did the EUR/USD finishing the week close to the level it started - $1.4880.
The Złoty, on the other hand, kept appreciating throughout the course of the whole week. Decreasing risk aversion (during the first part of the week) due to increasing stock markets was definitely helping emerging markets currencies like the Czech Crown, Hungarian Forint and Polish Złoty. When equities began its corrective movement the Złoty kept gaining. Probably investors decided that local currencies, especially the Złoty, are undervalued to other emerging currencies like Brazilian real. At the same time, the big Swiss investment bank, UBS, provided its forecast that the Złoty is heading towards the zł.4.0 level against the Euro. The news pushed the EUR/PLN towards its lowest since mid-September: zł.4.1015.
Published on Fri, Nov 13 2009, 14:41 GMT
Archive
- Złoty the strongest since mid-September
Published On Fri, Nov 13 2009, 14:41 GMT - Złoty remains strong
Published On Fri, Oct 23 2009, 14:21 GMT - Interest rates in the spotlight
Published On Fri, Oct 9 2009, 13:40 GMT - Eureko's dividend low impact?
Published On Fri, Oct 2 2009, 14:14 GMT - Złoty declines on increased risk aversion
Published On Fri, Apr 24 2009, 14:06 GMT
X-Trade Brokers Dom Maklerski SA
| Robert.kosowski@xtb.pl; 00-876 Warszawa
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X-Trade Brokers Dom Maklerski S.A. does not take responsibility for investment decisions made under the influence of the information published on this website. None of the published information can be treated as a recommendation, disposition, promise, or guarantee that the investor will achieve a profit or will minimize risk using the information published on this website. Transactions including investment instruments, especially derivatives using leverage, are in its nature speculative and can provide both profits and losses that can exceed the initial deposit engaged by the investor.Related reports
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