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Bad news about US labour market appreciates RON vs. euro

Bad news about US labour market put second the European Central Bank (ECB) decision on increasing the key interest and lead to the appreciation of the Romanian and other regional currencies vs. the euro, financial analysts and hard currency market observers say.

'Bad news about the US market, unemployment and the number of jobs cut in the US economy blurred the ECB decision on increasing the key interest by 0.25 p.c. After ECB decision was made public, the RON slightly depreciated, but after the data on the US labour market were made public, the attitude turned completely upside-down and the euro lost ground vs. the currencies in the area. The ECB president's message decreased the expectations of likely new growths in the interest and emphasized pessimism, Interamerican Private Pensions Fund investments director Radu Craciun told Rompres on Friday. Normally, a rise in the ECB interests would bring about the depreciation of the RON against the euro, but Romania's National Bank (BNR) had previously increased the key interest by 0.25 percent and the difference interest between BNR and ECB was preserved and put no pressure on the depreciation of the Romanian currency. Moreover, Craciun explained, the liquidity on the hard currency market dropped and a higher order is enough to move the market, and more than that, in the market there is a general expectation that the RON will constantly appreciate starting this summer. The RON will constantly and slightly appreciate vs. the euro over the time span ahead and the reference exchange rate will attain to 3.53 -3.55 RON for an euro towards the yearend, the same financial analyst says. A massive appreciation of the RON like that happened in the summer of 2007 would be not possible as the economic background is completely different. BNR announced 1 euro sells for 3.6139 lei, by 2.26 bani (0.62 percent) lower than on Thursday, when 1 euro sold for 3.6365. The euro will be sold for 3.654 lei on the Sibiu Stock Exchange futures market in end Sept 2008. Euro's exchange rate on the Sibiu Exchange Stock is expected to reach 3.7 RON in Dec 2008. Foreign capital inflows on the Stock Exchange stood at 139.1 million euros (509.04 million RON), by almost ten times more than the capital outflows, reaching 14.52 million euros (53.16 million RON) in May, say data the National Securities Commission (CNVM) supplied online, on Friday. Sursa: http://www.rompress.ro

Tags: interest exchange about euro market labour bnr

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