Leu Ends Stronger Vs Euro, After US Jobs Data

10.22.2013 By Bogdan Neagu

The Romanian leu closed stronger against the euro Tuesday, on a late session rally, following news from the labor market in the US.

The leu closed at 4.425/4.427 to the euro, from 4.4335/4.4355 to the euro at Monday close.

It had opened at 4.43 versus the euro, but it further lost ground during the session, nearing 4.44 units, before reversing trend in the closing hours when it touched the day’s high at 4.425 versus the euro, after the announcement of US jobs data.

US businesses added fewer-than-expected jobs in September, a sign that the economy is growing at a slow rate, which will likely make the Federal Reserve to keep its monetary stimulus in place.

The central bank set the leu’s exchange rate at 4.437 per euro, from 4.4478 per euro in the previous session.

On the money market, overnight rates were down to 1%-1.5% a year from 1.2%-1.7% a year Monday.