(Bloomberg) — European currencies are plunging to new lows as the war in Ukraine escalates, spurring macro traders to sell some of their most liquid assets.
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The euro fell below parity against the haven Swiss franc in Asia trading Monday, the first time it’s tumbled to that level since January 2015 amid heightened investor concern over Russia’s invasion of Ukraine. Poland’s zloty and Hungary’s forint dropped to all-time lows against the euro. Every eastern European currency has slid against the dollar in the past week, led by losses in the ruble.
“It’s not possible to rationally judge when European currencies will stop falling until we see a clue to the end of Russia’s invasion of Ukraine,” said Daisaku Ueno, chief currency strategist at Mitsubishi UFJ Morgan Stanley Securities Co. in Tokyo. “The currencies of the countries that are the closest…
