US dollar, sterling mixed; Eastern European currencies down
US dollar, sterling mixed; Eastern European currencies down
Story link: US dollar, sterling mixed; Eastern European currencies down
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The US dollar saw slightly mixed results on Wednesday, falling fractionally to $1.2010 in relation to the euro and ending flat against the yen at ¥113.29 after having fallen to ¥112.88 earlier in the day.
Sentiment about the dollar and the effect that Hurricane Katrina will ultimately have on it, however, has turned from dollar-negative in a scenario that saw a recession as more likely under the circumstances to dollar-positive on the theory that the storm will bring about an easy fiscal/tight monetary policy climate. More comments from officials of the Federal Reserve have implied that the Fed will not be dissuaded or side-tracked from its program of continuing hikes in the US interest rate.
The yen fell a fraction to ¥136.09 against the euro after rising to ¥135.99 earlier in the day. Then yen was affected by remarks from a Bank of Japan board member that the bank’s policy of flooding banks with cash are about over, and by another 4-year high on the Nikkei index.
Sterling was mixed as well, down 0.1 percent to $1.715 versus the US dollar but fractionally higher to £0.6811 in relation to the euro. Sterling was affected by a survey showing the volume of retail sales are down by the fastest rate in over 2 decades and by a report that says second quarter growth was at its lowest in 12 years.
The Polish zloty was down to 3.9042 zlotys to the euro as the Polish central bank kept interest rates at 4.5 percent. The zloty is down 0.5 percent since national elections were held on Sunday.
The Hungarian forint lost 0.7 percent to Ft249.03 against the euro after a forecast from the nation’s finance minister that the budget deficit would rise this year and next. This will have a negative effect on the chances that Hungary will join the euro in 2010.
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