XTB: Euro crisis hurts other currencies in the region

The European currency’s weakness has put most of the currencies in the continent under extreme pressure, with the world’s most important currencies hitting record values, XTB Brokers said in a report.

“The global fears that Europe’s debt woes could spill over elsewhere that has triggered a severe decline of the euro currency are already dampening most of the currencies across Europe, excepting – for the moment – the pound, the ruble, and the Turkish lira. As for the Polish zloty, the depreciation was partially driven by regulators in a move to stimulate exports and capitalize on the soft economic recovery of other markets”, said Victor Safta (photo) director of X-trade Brokers Romania.

In May, this year, the single European currency dropped 11% against the yen and 8.12% against its U.S. counterpart. Year-to-date, the Japanese yen grew 16% against euro to record 111.53/euro, the lowest rate since the introduction of the euro in 2002. Also, the Canadian dollar rose 14.2% versus its European peer.

The euro also fell against the pound (-2.58%), against the Turkish lira (-2.41%) and the ruble (-2.21%).

The majority of currencies in Europe dropped even more than euro: the Polish zloty gave up 4.2%, the Hungarian forint dropped 2.36%, the leu by 1.04% and the Czech koruna by 1%.

“This trend was visible since April: if in the first quarter this year the euro slumped against all the important currencies in the world, and all currencies in Europe, in April, while world’s reference currencies remained strong against euro, the majority of currencies of EU countries had already begun losing their edge”, Victor Safta pointed out.

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