Midday Forex: Leu almost flat after NBR rate cut

The national currency was trading near 4.07 lei/euro at noon today, and remained relatively stable against its European counterpart, as investors didn’t respond to the NBR’s monetary policy action, since the rate cut was already factored in.

The leu traded near 4.07 units/euro in the morning, and moved between 4.06 and 4.08 units/euro afterwards. At 14:00 EET, the national currency was trading near opening level.

“The leu has been pretty stable today, and followed the trend of its peers in the region. As for the main rate, the market was already anticipating a reduction to 6.5%, and the cut was already factored in”, a dealer told NewsIn.

The central bank set a reference rate of 4.0704 lei/euro, up 0.05% from Friday’s rate, as NBR’s decision to cut key rate from 7% to 6.5% head off the appreciation of the leu.

In the region, the Polish zloty grew to 3.892 zloty/euro, while the Hungarian forint dropped to 265.91 forints/euro.

For the US dollar, NBR set a reference rate of 3.0204 lei/dollar, down 0.68% from Friday’s rate.

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