TMS Daily FX Commentary

It was caused by the new political problems. But then mood got better. The Economy Minister, Jerzy Hausner, said that in his opinion the scission in the ruling SLD will endanger the plan to reform public finances. The cut in Hungarian base rates helped the zloty. At 4 pm local time investors paid 4.73 for the euro and 3.82 for the USD. In our opinion there will be no significant changes on Tuesday. The political factors will be the most important still but we don't expect solutions in the next several days.