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Ukrsibbank Research: FX and interest rates: UAH/USD stays range-bound

August 14, 2019 | Cbonds

UAH/USD pair has been hovering around 25.15 mark after sellers have not quite succeeded in dragging it further south of last week’s lows near 25.05. Market participants seems exhausted and may need more time to regain strength before increasing positions.
In the meantime, the Finance Ministry tendered only capped taps at the last primary auction (on August 13). Due to expected low participation of foreign accounts in the auction, the local currency will lack support from appropriate financial inflow by the end of the week. In contrast, it might even trigger some adverse moves if the market weakens its expectations regarding new foreign investments inflow.
On the other hand, further hryvnia strengthening cannot be ruled out. The same modest auction was seen a week before while the UAH/USD pair experienced some rally, boosted by increased supply of export revenues.

Company: Ukraine

Full company nameUkraine
Country of riskUkraine

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