Eastern European Currencies Advance Versus Dollar Monday Morning, Monday, July 02, 2007 9:02:34 AM
Eastern European currencies reached monthly highs versus a generally weak greenback Monday in New York. The Hungarian and Russian currencies reached two-month highs against their American counterpart. Meanwhile, the Polish zloty hit a nearly one-month high versus the greenback. American currency investors looked ahead to Monday morning`s release of June ISM manufacturing data. Analysts expect a reading of 55, the same mark it was at last month.The Hungarian forint advanced to a nearly two-month high against the greenback Monday morning in New York. The Hungarian currency began to gain steadily after 1:00 am ET against its American counterpart. At 8:40 am, the forint reached a mark of 180.2890. This is compared to an intraday low of 182.1400 at 1:00 am. Traders watched a press conference by Hungarian state secretary Miklos Tatrai. Tatrai stated that the country would use extra tax revenues to cut the budget deficit.
The Russian rouble reached a two-month versus the dollar Monday morning in New York. After uncertain early morning trading, the Russian currency advanced at 3:00 am ET. At 8:20 am, the rouble reached an intraday high of 25.6790 against the greenback, its highest mark since April 30. This is compared to an intraday low of 25.7480 at 12:40 am. Investors considered data showing that Russian oil output was up 3% in the first six months of the year over the prior period.
The Polish zloty climbed to a nearly one-month high against the American dollar Monday morning in New York. The Polish currency gained steadily though the bulk of the early and mid-morning, advancing to an intraday high of 2.7581 at 8:50 am ET. This is compared to an intraday low of 2.7844 at 12:30 am. Traders considered a report from the Polish finance ministry showing that it forecasts the June Polish CPI above the central bank`s target. This marks the first time in two years inflation would top that target.
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posted by Kalin Tasev @ 8:09 AM
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