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10 Apr 2015

Peru leaves rates unchanged – Scotiabank

FXStreet (Edinburgh) - According to Eduardo Suarez, Chief FX Strategist at Scotiabank, the Peruvian central bank left its monetary policy unchanged, in line with market consensus.

Key Quotes

“As expected, the BCRP left the reference rate unchanged at 3.25%, citing that current rate settings are compatible with achieving the 2% inflation target”.

“There was no particular emphasis on the currency mentioned as a driver for the decision to leave rates unchanged, but the read on the economy the central banks supplied was quite highly skewed towards persistent weakness in growth relative to potential, while inflation dynamics were seen as having deteriorated based on fuels, entertainment, and seasonal costs of education”.

“Our take remains that the main reason why a cut did not materialize is the concern that in an economy with highly dollarized borrowing (particularly in some corporates and car loans), the costs to USD borrowers from a weaker PEN would have outweighed the benefits of a 25bps cut”.
Apr 10, 2015

EUR/USD more than 3.5% down over the week

The EUR/USD pair is about to end Friday almost 400 pips below the level it had a week ago. On Monday the euro peaked at 1.1038 but then started to move to the downside and bottomed today at 1.0564, the lowest level since March 17.
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Apr 10, 2015

EUR/GBP under pressure, still above 0.7200

EUR/GBP fell sharply during the last five days and currently trades at 0.7230, 130 pips below the level it closed last week.
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