EUR/USD
EUR/USD recovered from the 1.1550 breach mid-August (USD strength following EM stress). For now, the pair is blocked within a tight 1.15/18 consolidation pattern.
EUR/GBP
As the deadline approaches, sterling is increasingly sensitive to Brexit. However, real Brexit progress has yet to be made and keeps the pound in the defensive.
USD/JPY
USD/JPY oscillates around the well-known 111-level as overall risk aversion triggers safe haven flights to both currencies and keeps the pair balanced.
EUR/CZK
The Czech central bank increased rates in August and is expected to do so again in September. The Czech koruna strengthened as markets are anticipating to a central bank committed to policy normalisation.
EUR/HUF
EUR/HUF left the 305-315 trading range and found higher ground following Orban's election victory and during the emerging market turmoil. Despite a slightly less dovish NBH (guidance) stance, rate hikes are still far off.
EUR/PLN
The zloty took a hit as the dollar firmed on the back of many emerging market currencies. Furthermore, the NBP has no intention at all to normalize policy any time soon.
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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