AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 131.00 Increased By ▲ 1.47 (1.13%)
BOP 6.92 Increased By ▲ 0.24 (3.59%)
CNERGY 4.62 Decreased By ▼ -0.01 (-0.22%)
DCL 8.92 Decreased By ▼ -0.02 (-0.22%)
DFML 42.91 Increased By ▲ 1.22 (2.93%)
DGKC 84.25 Increased By ▲ 0.48 (0.57%)
FCCL 32.80 Increased By ▲ 0.03 (0.09%)
FFBL 78.00 Increased By ▲ 2.53 (3.35%)
FFL 12.20 Increased By ▲ 0.73 (6.36%)
HUBC 110.19 Decreased By ▼ -0.36 (-0.33%)
HUMNL 14.42 Decreased By ▼ -0.14 (-0.96%)
KEL 5.66 Increased By ▲ 0.27 (5.01%)
KOSM 8.39 Decreased By ▼ -0.01 (-0.12%)
MLCF 39.50 Decreased By ▼ -0.29 (-0.73%)
NBP 63.85 Increased By ▲ 3.56 (5.9%)
OGDC 201.50 Increased By ▲ 1.84 (0.92%)
PAEL 26.48 Decreased By ▼ -0.17 (-0.64%)
PIBTL 7.77 Increased By ▲ 0.11 (1.44%)
PPL 161.05 Increased By ▲ 3.13 (1.98%)
PRL 26.61 Decreased By ▼ -0.12 (-0.45%)
PTC 18.59 Increased By ▲ 0.13 (0.7%)
SEARL 82.80 Increased By ▲ 0.36 (0.44%)
TELE 8.20 Decreased By ▼ -0.11 (-1.32%)
TOMCL 34.37 Decreased By ▼ -0.14 (-0.41%)
TPLP 9.01 Decreased By ▼ -0.05 (-0.55%)
TREET 16.98 Decreased By ▼ -0.49 (-2.8%)
TRG 60.44 Decreased By ▼ -0.88 (-1.44%)
UNITY 27.61 Increased By ▲ 0.18 (0.66%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,722 Increased By 314.8 (3.03%)
BR30 32,041 Increased By 327.6 (1.03%)
KSE100 99,339 Increased By 2010.9 (2.07%)
KSE30 30,990 Increased By 798 (2.64%)

The Swedish crown plummeted on Tuesday after weak inflation data prompted investors to sell the currency and scale back bets interest rates would rise this year, while poor Italian industrial orders knocked the euro lower. The crown rose last week after Sweden's central bank broke with growing caution among major monetary-policy makers, saying it would stick to its plan to raise rates in the second half of 2019.
But the it plunged more than 1 percent on Tuesday to a two-year low against the dollar at 9.3695, after a report showed inflation fell in January. Against the euro, it was headed for its biggest daily decline in more than 15 months and touched its weakest since September. "The crown outlook is getting more and more worrisome by the week. The 10.75 to 11.00 range should not be ruled out in EUR/SEK later in 2019," said Andreas Larsen, a strategist at Nordea Markets.
The euro, already lower as investors shifted focus from progress in US-China trade talks to European economic weakness, fell further after data showed Italian industrial orders dropped 5.3 percent in December from December 2017. The euro had gained on Monday as expectations grew for resolution of the US-China trade conflict.
But eurozone bond yields, notably those of German bunds, fell amid the cloudy European economic outlook, weighing on the euro. When European Central Bank policymakers meet on March 7, they are expected to slash growth and inflation projections.
"The euro is facing a tough week," said Societe Generale strategist Kit Juckes. "Today, we get EU Commission forecasts, which will only tell us what we already know - the economy's lost momentum and inflationary pressures remain non-existent.
"EUR/USD is likely to drift below $1.13, but probably not below $1.12," Juckes said.
The euro skidded 0.3 percent to as low as $1.1275, near a three-month low of $1.1234.
Elsewhere, the yen weakened to 110.765 against the dollar from 110.45 after Japan's central bank governor raised the possibility of further policy easing.
Haruhiko Kuroda told the Japanese parliament the central bank was ready to ramp up stimulus if a rising currency hurt the economy and kept Japan from hitting the bank's 2 percent inflation target.

Copyright Reuters, 2019

Comments

Comments are closed.