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Polish Zloty Hits 6-Month High Against Euro

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The Polish currency hit a six-month record versus the euro, after getting a World Bank loan to rescue the country from one of the most severe recessions among the European Union bloc members.

After a World Bank statement today indicating that a $4.5 billion dollar loan was approved to the Polish government, the zloty rose more than 2 percent against the euro, as confidence rose among investors towards the future of the Polish economy. Adding to the current attractive profile for the Polish currency, a manufacturing index in Poland indicated the slightest decline in nine months, suggesting that the economy in Poland is recovering.

EUR/PLN traded at 4.3625 as of 6:28 GMT rising from a previous price of 4.4575.

If you want to comment on the Polish zloty’s recent action or have any questions regarding this currency, please, feel free to reply below.
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Hungarian Forint Climbs on Tax Cuts

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The Hungarian forint, which suffered severe losses as its country plunged in one of the deepest recessions among the European Union member nations, reached a six-month high after the Hungarian tax system will change in order to stimulate the country’s agonizing economy.

The Hungarian currency hit its highest level since January 8, after lawmakers approved tax cuts as an attempt to rescue the nation’s weakening economy, spurring demand for the local currency which was the best performing currency among the European ones this Wednesday, rising more than 1 percent against the euro. The BUX Index, rose 44 percent during the past three months, reflecting a very attractive rebound for Hungarian stocks, which have been severely punished by the global slump, and in the case of this Eastern European nation, even further, since Hungary had to get an emergency loan from the International Monetary Fund last year, in order to avoid a total financial system collapse.

Analysts are very optimist about yesterday’s reforms voted in Hungary, since tax cuts are one of the most efficient ways to stimulate the economy without major collateral effects. Hungary has been fit to the IMF requirements, and the nation seems to be in the right road to recovery, boosting demand for the once again attractive forint.

EUR/HUF traded at 272.6059 as of 12:15 GMT, falling from 275.1805 yesterday.

If you want to comment on the Hungarian forint’s recent action or have any questions regarding this currency, please, feel free to reply below.
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Australian Dollar Rebounds on Chinese Data

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The Australian dollar was affected yesterday by a series of negative domestic reports that halted a rally which set the currency to a one year high versus the greenback, but today, after favorable reports coming from Asia, the Aussie managed to reestablish its previous winning trend.

The Australian currency climbed today versus several lower-yielding trading options, as stocks surged in Asia benefiting from two reports in China which indicated a more-than-expected rise in the industrial output and increased new lending figures, suggesting that one of the main trading partners of the South Pacific region is recovering from the current crisis. The New Zealand dollar, normally associated to the Aussie’s movements since several factors affect both countries’ currencies, also climbed further, reaching the ninth week in a row of gains versus the greenback, raising concerns in the Reserve Bank of New Zealand that a strong currency may affect the country’s recovery.

According to analysts, the recovery in China is more than essential for Australia’s economy growth, since the Asian country is the main destination for Australian exports. After yesterday’s negative reports that led to speculations regarding a delay in interest rate hikes, the Aussie is once again bullish, indicating that optimism in the region remains strong.

AUD/USD traded at 0.8643 as of 10:56 GMT after bottoming at 0.8555 yesterday. EUR/AUD traded at 1.6896 from 1.6999.

If you want to comment on the Australian dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.
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Swedish Krona Down on Central Bank Surprise

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The Swedish krona lost against the euro and the dollar today after the nation’s central bank unexpectedly cut its benchmark interest rate and stated that the recession is deeper than predicted.

The Swedish currency went down after a statement from Riksbank affirming that the current recession in the country requires broader measures to be halted, offering loans of 100 billion kronor ($13 billion) to domestic banks. The extreme majority of economists predicted the interest rates to remain unchanged, but a quarter point cut took the rates to a record low of 0.25 percent, followed by an statement affirming that such levels will persist until next year’s autumn, surprising traders, bankers, and analysts. Forecasts suggest that the Swedish economy will shrink 5.4 percent this year, the deepest recession among the Nordic countries, reflecting negatively on the krona outlook.

Economic analysis towards the Swedish economy are rather grim, pointing the relation of the global slump to the consequences it brought to Sweden, from Latvia’s economic collapse to the shrinking economy in North America, Sweden has been deeply affected, and the impact in the nations currency can be equally perceived by the devaluation of the country’s currency. A record low interest rate, which was set today by the Swedish central bank will weigh even further on the weakening krona’s attractiveness.

EUR/SEK traded at 10.8150 as of 10:57 GMT from a previous rate of 10.7245. USD/SEK followed, rising to 7.6615 from 7.5959.

If you want to comment on the Swedish krona’s recent action or have any questions regarding this currency, please, feel free to reply below.
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Brazilian Real Climbs on Massive IPO Speculation

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The Brazilian currency rebounded its previous week losses posting two days of significant gains versus main currencies before a massive IPO in the nation’s stock exchange, which is likely to attract a great influx of foreign capital to the country’s financial system.

The real had a poor performance in the beginning in the week as world equities markets slid due to a sudden rise in risk aversion after a World Bank report indicating that the global slump may be deeper than previously expected, but as stocks succeeded to rebound, the Brazilian currency returned to rally. VisaNET, which is the Brazilian subsidiary of Visa Inc., will start its operations in the Brazilian Stock Market this week, and its IPO is likely to raise $5 billion from investors which will tend to be, in their majority, of foreign origin, creating confidence in Brazilian markets and providing support to the national currency to raise sharply, to the point the national central bank purchased dollars in order to stop Brazil’s real daily gains yesterday.

The situation is rather confusing for the Brazilian real at the moment, as analysts affirm that massive IPOs like these of VisaNET are very favorable for the national currency, but being the real a high-yielding currency extremely linked with the price of commodities, real’s fate will rely mostly on the world economic recovery for the next months.

USD/BRL traded at 1.9683 as of 9:54 GMT from a previous price of 1.9830.

If you want to comment on the Brazilian real’s recent action or have any questions regarding this currency, please, feel free to reply below.
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Brazil’s Real Rebounded on U.S. Optimism

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The Brazilian real, currency which had its rally halted yesterday as negative reports pushed stocks and commodities down around the world, climbed again today as U.S. employment data came better-than-expected.

The Brazilian currency was one of those who benefited today from a U.S. employment report which indicated less job cuts in the nation for the month of July in comparison with June, renewing optimism and increasing risk appetite among traders. Several currency strategists suggest that the Brazilian real is likely to gain further, remaining the best performing currency this year.

USD/BRL traded at 1.8260 as of 19:18 GMT from a previous rate of 1.8391.

If you want to comment on the Brazilian real’s recent action or have any questions regarding this currency, please, feel free to reply below.
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Pound Continues Drop as Demand for BoE Measures Rise

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The pound entered its fourth day of losses against the dollar and the euro, after British financial sector calls Bank of England to expand its asset purchasing program to revive the faltering economy in the United Kingdom.

The British Chambers of Commerce stated yesterday that the already expected economic recovery in Great Britain is not guaranteed and further measures should be taken immediately by the Bank of England, reflecting on the national stock exchange market and currency, the latter losing against virtually all major pairs, mainly to the U.S. dollar, the yen, and the Swiss Franc. According to the group’s call for the asset-purchasing program expansion, the Bank of England should extend the current program to 150 billion pounds and eventually ask permission to go further, considering the U.K.’s contracting economy needs. Factory production unexpectedly fell in May, adding to the already negative outlook for the pound sterling.

The quantitative easing measures asked by the British Chambers of Commerce may revive Great Britain’s economy, but on the currency point of view, the speculations regarding this fact already weigh on the pound, and if the measures continue further, it’s considerably possible that the pound will bottom against the euro and the U.S. dollar, yet, negative news in these markets make it hard to predict what direction the pairs will follow.

GBP/USD traded at 1.6225 as of 10:36 GMT rising from 1.6125 in the intraday, but still in a very low level considering last week’s rate around 1.6400. GBP/JPY remained stable at 154.53 after several days operating negatively.

If you want to comment on the Great Britain pound’s recent action or have any questions regarding this currency, please, feel free to reply below.
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