UAH/EUR: the Ukrainian hryvnia erased its losses and reached new highs

  • Ukrainian hryvnia hits new weekly high against euro
  • UAH records biggest daily gains since June 2016
  • The ECB softens the euro
  • ECB in no rush to raise rates
  • Stocks fall and the price of gold rises as inflation rises

The Euro Ukrainian Hryvnia (UAH/EUR) exchange rate erased the losses of the previous 3 days and reached a new high thanks to a weaker Euro. This is the biggest one-day rally since June 2016 after the ECB’s less hawkish press conference. The pair settled up +2.25% yesterday at 0.0309.

As of 11:00 UTC, UAH/EUR is trading slightly lower -0.28% at 0.030811.

Elsewhere, the German DAX closed down -2.93% at 13,442 as inflation rises. On the same note, the precious metal gold ended up +0.19% on Thursday to settle at $1996.

Meanwhile, consumer price inflation in Germany rose 0.9% in February, while the year-on-year inflation rate rose 5.1%. Inflation has reached its highest level in almost 30 years in Germany, fueled by rising energy prices.

At the same time, Germany’s harmonized consumer price index (HICP) rose 0.9% in February, matching the flash estimate and rose 5.5% on a annual.

The UAH in EUR remains relatively unchanged from yesterday’s closing price

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