Midday Forex: Leu trades near February high

The national currency was almost flat with a positive bais in the morning trade today, buoyed by the European stock gains. The National Bank of Romania set a reference rate 0.01% lower, of 4.0923 lei/euro, the lowest since early February.

The leu touched its strongest level against its European counterpart since February 2, when the central bank set a reference rate of 4.0877 lei/euro.

“The release of U.S job data is probably the event of the day. If the job data came in line with our forecasts, the leu would probably be subject to devaluation pressures. But if these data on the US job market were released at the end of the trading session, the leu would be largely influenced by the European stock gains”, ING said in a report.

In the region, the Polish zloty grew markedly in the morning, from 3.8960 to 3.8740 units/euro, but fell modestly afterwards to 3.8790 zloty/euro. The Hungarian forint moved sideways, and traded in a tight range. At 13:50, the forint was near 266.50 units/euro.

For the US dollar, the central bank set a reference rate of 3.0119 lei/dollar, up 0.69% from Thursday’s rate of 2.9914 lei/dollar.

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