Barclays: If progress is made at the Russia-US summit, the Euro and currencies in Eastern Europe will rise.

Barclays analysts said in a report that if substantial progress is made in resolving the Russia-Ukraine conflict at the Russia-US summit, the euro and currencies in Central and Eastern Europe may strengthen. They noted that the euro, the Hungarian forint, the Polish zloty, and the Czech koruna would benefit the most from any positive news, as these currencies are very sensitive to oil supply shocks and the Central and Eastern European region is close to the conflict area. On the other hand, due to the safe-haven status of the Swiss franc, if progress is made towards a ceasefire, the Swiss franc may weaken. The Norwegian krone and the Brazilian real may also come under pressure due to their status as oil-producing countries.