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The forint and the leu, the weakest currencies against the euro for the first seven months

The leu appreciated during July, after the lowest rates recorded at the beginning of the month and it reached the level at the beginning of the year, an analysis of X-Trade Brokers Romania shows.

During July, the forint recorded a dramatic drop after the « freezing » of discussions with IMF and EU during the month, the forint went back but the drop reached the same level of the beginning of the month on 30 July.

The forint is the only currency which, since the beginning of the year until now depreciated against the euro ( with over 4%). The next is the leu which depreciated only 0.27%.

For the rest, all currencies kept their significant appreciations against the euro, since the beginning of the year until now. Although with weaker appreciations than the world ' stars', the European currencies were stronger than the euro: the Czech kron was the best in Central and Eastern Europe appreciating with 6% against the euro, while the Zloty grew over the seven months of the year by 2.5% against the European currency.

Since the beginning of the year, the forint and the leu were the weakest against the dollar as well, depreciating with 15% and 10% respectively.

« The evolution of the forint and the leu reflected the performances and the events in each country. The leu is stronger than the Romanian economy. For the present month, under known conditions, we do not expect high volatility of the national currency, but due to the surprising events of the last days and the variations regarding the getting out of the crisis .. we can expect anything' Victor Safta, the manager of the branch of X-Trade Brokers in Romania.

The Czech kron and the Polish Zloty appreciated during July against the euro by 3.55% and 3.47 respectively while the leu got stronger by 2.64% from 4.3525 lei for one euro on 1 July to 4.2373 lei for 1 euro, the value which closed the trading session on Friday night ( 30 July).

« The Czech kron and the Polish Zloty recorded, in July the biggest appreciations against the euro, although the European currency got stronger in its turn, against the majority of important currencies of the world. Poland – the country which avoided recession – kept constantly at the top of the investors' trust, but the Czech Republic is the new ' star' of Central and Eastern Europe presenting remarkable results over the last period. As regards the leu, it appreciated against the euro over the month of July, but it was more a correction of the massive depreciation at the end of June and it was not due to any economic performance' Safta said.

Last month, the euro appreciated against the majority of the currencies – 6.62% against the American dollar, 4.21% against the Japanese yen and 3% against the Canadian dollar, the ruble, the Swiss franc.

Although it got ahead in July, the euro recovered only a small part of the depreciation recorded since the beginning of the year against the majority of the currencies. The yen and the Canadian dollar are the currencies with the highest appreciation against the euro with 15.24% and 11% respectively since the beginning of the year to the present' the XTB analysts say.

Sursa: http://www.actmedia.eu

Tags: month since beginning euro currencies against forint

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