Greek exit from EU more certain, impact on UAH muted

Greek exit from EU more certain, impact on UAH muted



6 липня 2015 года
ICU

Following this Sunday's referendum in Greece, the majority appears to be in for of withdrawing from the EU. Greeks are now preparing for the unknown process of transitioning from euros to a new domestic currency. Starting today, the euro is likely to be on a declining trend towards as low as 1.05versus the dollar. On Sunday, the ECB declared its intention to inject more liquidity into the financial system, a move which could catalyze a new wave of FX weakness. A weaker euro translates to a weaker Russian ruble, making the UAH more dear in real trade weighted terms. As a result, prospects for a market correction should arrive sooner than expected. As Ukrainian authorities are likely to be prepared for this, capital controls imposed since late February should remain in place for at least the next six months.

Источник: ICU

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