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Trump victory hits Central European currencies

Trump victory hits Central European currencies

19:48, 06.11.2024
  ej/pk;
Trump victory hits Central European currencies The Polish złoty, Hungarian forint and Czech crown came under pressure as the dollar rallied following news of Donald Trump’s victory in the U.S. presidential election.

The Polish złoty, Hungarian forint and Czech crown came under pressure as the dollar rallied following news of Donald Trump’s victory in the U.S. presidential election.

Illustrative image. Photo Illustration: Cezary Kowalski/SOPA Images/LightRocket via Getty Images
Illustrative image. Photo Illustration: Cezary Kowalski/SOPA Images/LightRocket via Getty Images

Podziel się:   Więcej
Wall Street marched to record highs on Wednesday and major stock markets around the world surged, while bitcoin also hit an all-time-high and the dollar was set for its biggest one-day jump in four years, Reuters reported.

Bitcoin soared to $75,000 on expectations it could benefit from relaxed regulation while the dollar index, a measure of the value of the dollar against a basket of six foreign currencies, climbed to its highest level since July.

In Central Europe the mood was very different. The forint fell to its lowest value since December 2022 before recovering slightly before the close of trading.

In Poland, the złoty reached a five-month low, inching back up as the central bank held rates steady. In the Czech Republic, the crown dipped to its lowest point for three months before regaining some value.

Elsewhere on the continent, the euro was hurt by the prospect of tariffs and the widening differential between U.S. and European rates.