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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EMERGING MARKETS
- To the exception of the TRY, which has depreciated by 1.6% against the USD, other CEEMEA currencies are all up (so far) since the beginning of May.
- The best performer is HUF, which experienced a significant appreciation following NBH deputy governor Virag comments on Monday that central bank should prepare for rate hike as inflation risks have risen in recent months.
- CZK also continues to trend higher as CNB prepares for tightening cycle; first hike is priced in for as early as August.
- PLN has been also trending higher this month amid rising disagreements between NBP policymakers over the trajectory of ST rates.
- The appreciation of CEE currencies gives policymakers a 'breather' as weakening exchange rates could have forced central bankers to start a tightening cycle earlier than expected in order to curb inflationary pressures, which could have weighed on the economic recovery.
- Momentum on the ZAR remains firm in this current 'risk on' environment, with the currency up 3.2% in May against the greenback.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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