Wednesday, September 24, 2008

Dollar Advances Against Most East European Currencies, Wednesday, September 24, 2008 7:35:36 AM

The dollar advanced against the Czech koruna, Slovakian koruna and Polish Zloty during early deals on Wednesday. But the dollar weakened against the Turkish lira and the Hungarian forint, but moved range-bound versus the Estonian kroon

From US, the existing home sales report is scheduled at 10:00 am ET today. The US Federal Reserve Chairman Ben Bernanke`s testimony at Congress`s Joint Economic Committee is also scheduled at 10:00 am ET.

The dollar climbed to a 2-day high of 16.5750 against the Czech koruna by about 7:00 am ET Wednesday. The pair was worth 16.4800 at Tuesday`s close.

Against its Turkish counterpart, the dollar showed weakness during Wednesday`s early deals. At about 3:10 am ET, the dollar-lira weakened to 1.2374, compared to Tuesday`s closing value of 1.2453. Thereafter, the dollar has gained slightly and is presently trading at 1.2423.

The Turkish statistical office, Turkstat said the Production Workers Index rose 0.6% year-on-year and stood at 85.8 in the second quarter from 86.2 recorded in the first quarter. In the first quarter, the number of production workers was up 1.7%. A year-ago, the index was up 2%.

Against the Hungarian forint, the dollar fell after rising to a 2-day high of 164.64 by about 4:05 am ET. Presently the pair is trading at 164.07, compared to Tuesday`s closing value of 164.76.

In economic news, the volume of retail sales in Hungary declined year-on-year in July, a report by the Hungarian Statistical Office said today.

Retail sales volume fell a calendar-adjusted 1.8% in July compared with a 1.9% decline in June. The sales volume at current prices increased to HUF 556.7 billion from HUF 535 billion in the previous month. On a monthly basis, retail sales declined a seasonally and calendar adjusted 0.1% in July compared with a 0.3% fall in the previous month.

The US currency that was worth 20.6720 against the Slovakian koruna at yesterday`s close, hit as high as 20.6850 by about 7:00 am ET Wednesday.

The US dollar started ticking up against the Polish Zloty by about 2:45 am ET Wednesday. The dollar climbed from 2.2430 to 2.2697 by about 7:20 am ET. The pair was worth at 2.2607 Tuesday`s close.

The greenback largely moved sideways against the Estonian kroon during Wednesday`s early trading. The greenback largely bounced between 10.6850 and 10.6420, compared to 10.6470 hit late yesterday in New York. As of now, the pair is trading at 10.66.


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