- Hryvnia snaps small gains against the Euro
- Ukrainian Hryvnia totals 7.6% losses against Euro since the start of 2022
- Euro-zone manufacturing activity eyed
- EU gloomy inflation outlook
The Hryvnia Euro (UAH/EUR) exchange rate clawed back some of its losses Wednesday. The pair advanced 0.04% yesterday, settling at €0.02992 after it reached a weekly high of €0.03009.
At 08:00 UTC AM, UAH/EUR trades slightly up 0.23% at €0.02999.
Ukrainian’s currency has lost more than 7.6% against the Euro since the start of the year. Only around half of the currency’s losses have been registered since the start of the Russia – Ukraine conflict.
Elsewhere, ECB’s Lane dovish comments put a lid on Euro gains. The ECB board member played down the chance of tightening too soon as it “would be counterproductive …… in response to temporarily high inflation.”
He added: “if current inflation is above the target level but the forecasts show it is falling below target over the projection horizon, tightening would be counterproductive”
Looking forward, in terms of risk events the manufacturing activity data in the Euro-zone will weigh in on the currency exchange rate. Markit PMI Composite in the Euro-zone is expected to stall at 55.8 while the Services PMI in Germany will shrink to 56.6.
EU producer prices are also expected to soar to 27% year-over-year up from the 26.2% previous reading. Soaring oil prices depicts a dark inflation outlook, which continues an upward trend.
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