Emerging market currencies

Source: Dow Jones

Emerging market currencies extend weakness, in line with a downwards move in EUR/USD as negative sentiment prevails in the wake of no agreement in the Greek debt restructuring talks. After being under pressure all morning, emerging market currencies extended their selloff heading into the U.S. open after Greek Laos chief said he cannot vote for the bailout deal. PLN, HUF, CZK all selloff against the EUR, while ZAR and TRY extend their losses against the USD. EUR/HUF nears the key 295 level, while EUR/CZK trades up at 25.357 and EUR/PLN trades at 4.2237 compared with 4.1966 late Thursday in New York. USD/TRY trades at 1.7678, up from 1.7526, while USD/ZAR trades at 7.7302 versus 7.5921.