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The euro suffered on Tuesday as a report that Russia was looking to restructure $400bn of its outstanding corporate debt highlighted concerns over the eurozone’s exposure to problems in emerging Europe.
Analysts said the report triggered a knee-jerk bout of heavy euro selling, given the eurozone’s high exposure to the region through bank lending. According to the Bank for International Settlements, European banks’ foreign claims on Russia totalled just over $200bn, or around 1 per cent of GDP.
“The incident clearly highlights that concerns over the financial stability of Russia and other developing European countries will continue to weigh on the euro in the year ahead.”
The euro fell 0.8 per cent to $1.2911 against the dollar, lost 1.1 per cent to Y117.73 against the yen and dropped 0.7 per cent to SFr1.7220 against the Swiss franc.
Analysts said the report highlighted problems found not only found in Russia, but also in central and eastern Europe, namely that imported capital had often been mis-allocated into unproductive investments, failing to deliver the required returns to cover capital costs.
Indeed, the region has accumulated substantial current account deficits which have been mainly funded via selling bonds and equities to global investors.
Indeed, central and eastern European currencies performed worse than the euro.
The Hungarian forint dropped 0.8 per cent to Ft289.75 against the single currency, while the Polish zloty lost 1 per cent to 4.4735zlotys and the Czech koruna fell 1.5 per cent to Kc28.1350.
Hans Redeker at BNP Paribas said the lack of global liquidity combined with increasing doubt concerning local corporate default risks suggested central and eastern Europe would underperform for some time, a prospect that did not bode well for the euro in the long term.
“Bear in mind that most central and eastern European countries hold 100 per cent of their currency reserves in euros, suggesting further liquidation of local assets held in foreign accounts means currency reserves will shrink,” he said.
Meanwhile, concerns over Russia helped to increase risk aversion and boost safe haven demand for the yen and the dollar.
Analysts said worries over the effectiveness of the US administration’s new bail out plan for US banks, due to be unveiled Tim Geithner, US Treasury Secretary, later in the session, also helped support both currencies.
The yen rose 0.3 per cent to Y91.20 against the dollar, climbed 0.7 per cent to Y135.26 against the pound and gained 2 per cent to Y60.93 against the Australian dollar.
το ευρώ τώρα .1 Euro = 1.2965 U.S. dollars
Analysts said the report triggered a knee-jerk bout of heavy euro selling, given the eurozone’s high exposure to the region through bank lending. According to the Bank for International Settlements, European banks’ foreign claims on Russia totalled just over $200bn, or around 1 per cent of GDP.
“The incident clearly highlights that concerns over the financial stability of Russia and other developing European countries will continue to weigh on the euro in the year ahead.”
The euro fell 0.8 per cent to $1.2911 against the dollar, lost 1.1 per cent to Y117.73 against the yen and dropped 0.7 per cent to SFr1.7220 against the Swiss franc.
Analysts said the report highlighted problems found not only found in Russia, but also in central and eastern Europe, namely that imported capital had often been mis-allocated into unproductive investments, failing to deliver the required returns to cover capital costs.
Indeed, the region has accumulated substantial current account deficits which have been mainly funded via selling bonds and equities to global investors.
Indeed, central and eastern European currencies performed worse than the euro.
The Hungarian forint dropped 0.8 per cent to Ft289.75 against the single currency, while the Polish zloty lost 1 per cent to 4.4735zlotys and the Czech koruna fell 1.5 per cent to Kc28.1350.
Hans Redeker at BNP Paribas said the lack of global liquidity combined with increasing doubt concerning local corporate default risks suggested central and eastern Europe would underperform for some time, a prospect that did not bode well for the euro in the long term.
“Bear in mind that most central and eastern European countries hold 100 per cent of their currency reserves in euros, suggesting further liquidation of local assets held in foreign accounts means currency reserves will shrink,” he said.
Meanwhile, concerns over Russia helped to increase risk aversion and boost safe haven demand for the yen and the dollar.
Analysts said worries over the effectiveness of the US administration’s new bail out plan for US banks, due to be unveiled Tim Geithner, US Treasury Secretary, later in the session, also helped support both currencies.
The yen rose 0.3 per cent to Y91.20 against the dollar, climbed 0.7 per cent to Y135.26 against the pound and gained 2 per cent to Y60.93 against the Australian dollar.
το ευρώ τώρα .1 Euro = 1.2965 U.S. dollars
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