Dollar drops against East European currencies

In early deals on Friday, the dollar edged lower against its East European counterparts. While the dollar declined to a 10-day low against the Polish Zloty, it touched 2-day lows against the currencies of Czech, Slovak, Estonia and Hungary. On the other hand, the dollar jumped to a 1-week high versus the Turkish lira during this time.

The US currency fell to a 2-day low of 16.2425 against the Czech Koruna in early deals on Friday at 2:05 am ET. The pair is now worth 16.2620, compared to Thursday´s closing value of 16.3340.

During early trading on Friday, the dollar trended lower versus the Slovak Koruna. At about 2:05 am ET, the pair touched a 2-day low of 20.6840. The pair that closed Thursday´s deals at 20.8050 is currently quoted at 20.7220.

Slovak industrial production grew 1.8% year-on-year in March, down from 12.5% growth in February, the Statistical Office of the Slovak Republic revealed today. During the first quarter, industrial output climbed 7.4% as compared with the same period of 2007.

Against the Estonian Kroon, the dollar edged down during early deals on Friday. The pair hit a 2-day low of 10.0990 by about 5:05 am ET, compared to 10.1640 hit late New York Thursday. As of now, the pair is trading at 10.1168.

In early deals on Friday, the US currency declined versus the Hungarian Forint. The pair, which closed Thursday´s New York session at 164.10 dropped to a 2-day low of 163.17 by about 5:00 am ET. Currently, the pair is worth 163.54.

The Hungarian trade surplus increased to EUR169.6 million in March from EUR157 million in February, the Hungarian Central Statistical Office indicated today. A year ago, the trade surplus stood at EUR118.3 million. Exports in March climbed 3.9% from the previous year to EUR6.13 billion, while imports increased at a slower pace of 3.1% to EUR5.96 billion.

Against the Polish Zloty, the dollar slipped to a 10-day low of 2.1940 by about 5:05 am Eastern Time Friday. The pair was worth 2.2140 at Thursday´s North American close.

In early deals on Friday, the dollar advanced against the Turkish lira. The pair rose to a 1-week high of 1.2758 by about 4:15 am ET, compared to yesterday´s close of 1.2630.

The US trade balance report for March has been scheduled for release in the New York morning. Analysts expect the trade balance to show a deficit of US$61.4 billion following February's deficit of US$62.3 billion.

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