Why is this important
The soum strengthened against all world currencies except the tenge – a rare occurrence. The dollar fell by 32.75 per day, continuing to fall to the psychological mark of 11,900.
Courses for November 4
- Dollar – 11,972.34 soums (-32.75 soums)
- Euro – 13,786.15 soums (-112.14 soums) (-0.81%)
- Pound – 15,714.89 soums (-63.40 soums)
- Ruble – 147.79 soums (-0.77 soums)
- Yuan – 1,681.23 soums (6.51 soums)
- Yen – 77.66 soums (-0.22 soums)
- Tenge – 22.76 soums (+0.08 soums)
The daily fall of 32.75 soums continues the trend of the soum strengthening. Since the beginning of the year, the dollar has fallen from 12,800 to 11,972 (-6.5%). Movement towards the psychological mark 11 900.
It plummeted by 112.14 soums – the largest daily decline in months. Reasons: strengthening of the dollar in world markets (the euro weakens against the dollar), strengthening of the sum against all currencies, eurozone problems (weak growth, high ECB rates).
Context
A rare occurrence: the strengthening of the soum against all currencies except one (tenge) is a rare phenomenon indicating the exclusive power of the national currency.
Psychological mark of 11,900: if the trend continues, the dollar may drop below 11,900 sum in the coming days.
The Euro is the largest drop: 112 soums per day is the result of the strengthening of the dollar in global markets and the soum against all currencies simultaneously.
The tenge has resistance: the slight rise in tenge (+0.08) shows the strength of Kazakhstan’s economy, supported by $85+ oil and the National Bank’s stable policy.
