TeleTrade: Harvey hurricane harmed Kazakhstani tenge
The currency pair of USD\KZT will be under the influence of the oil market. Against the background of consequences of the Harvey hurricane in the Gulf of Mexico demand for oil from the American oil refineries will sharply decrease that will lead to growth of reserves of crude oil, BNews.kz reported with reference to the analytical TeleTrade Central Asia group.
Recovery work can take several weeks that forces participants of the market to sell oil contracts in the market. Most likely, the Brent brand will fall in price and it will appear in corridor 49 – 51 dollars for barrel. It will lead to the fact that the currency pair of USDKZT will raise and will bargain in corridor 335 – 338 tenges for US dollar.
Euro in the world foreign exchange market becomes stronger against the background of positive macroeconomic indicators and waiting for closing of the program of quantitative easing of the ECB at a September meeting. Against the background of growth of euro and depreciation of the Kazakhstan currency, the currency pair of EUR/KZT, according to our forecasts, will be in a price band of 405 - 415 tenges for one euro.
The Chinese yuan in relation to the Kazakhstani tenge behaves steadily. Strengthening of currency of Celestial Empire against the background of geopolitical risks around the Korean peninsula and depreciation of US dollar in the world market, will support a course of couple CNY/KZT in a corridor which will make 50 - 53 tenges for one Chinese yuan.