Most currencies make minor moves, CB meetings in focus – Gulf Today

Most currencies make minor moves, CB meetings in focus – Gulf Today

Most currencies make minor moves, CB meetings in focus

10 hours ago

Customers queue to draw money from an ATM outside a branch of Nedbank and FNB at a mall in Midrand, South Africa. File/Reuters

Most emerging market (EM) currencies made small moves on Monday as surging number of coronavirus cases kept risk appetite muted ahead of a slew of emerging market central bank meetings this week, with focus also on a European recovery fund plan.

The pound rose above $1.26 on Monday and recovered from an early-morning, 20-day low against the stronger euro, but investors remained bearish as the bleak economic outlook and Brexit risks weighed on the currency.

The euro retreated from the 19-week high of $1.1467 it reached on Monday amid hopes the European Union would agree on a recovery fund to help revive EU economies hit by the COVID-19 pandemic

Turkey's lira was flat. The country's central bank raised reserve requirement ratios on forex deposits for all banks by 300 basis points on Saturday, as part of the normalisation process following measures taken to counter the economic impact of the coronavirus crisis.

Turkey's central bank is expected to continue to hold its key interest rate steady this week, while counterparts in