Barclays: If the Russia-U.S. summit makes progress, the euro and currencies of Central and Eastern Europe will rise.

Jin10 data reported on August 15th that Barclays analysts stated in a report that if the US-Russia summit makes substantial progress in resolving the Russia-Ukraine conflict, the euro and Central and Eastern European currencies may strengthen. They indicated that the euro, Hungarian forint, Polish zloty, and Czech koruna would benefit the most from any favourable information, as these currencies are very sensitive to oil supply shocks and the Central and Eastern European region is close to the conflict area. In contrast, due to the Swiss franc’s safe-haven status, it may fall if progress is made towards a ceasefire. The Norwegian krone and Brazilian real may also be under pressure due to their identity as oil-producing countries.