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CEE Currencies Lose Part of Early February Gains Following US CPI Print

CEE FX
  • CEE currencies continue to give up some of the early February gains as higher than expected CPI (7.5% vs. 7.2% exp.) has been supporting the greenback.
  • With the FFZ2 currently trading at 98.50, Fed Funds futures are now pricing in 6 hikes for 2022.
  • USDCZK broke above today’s high at 21.36 and is currently trading at its highest level since February 3; resistance to watch on the topside stands at 21.45.
  • USDPLN surged to 3.9544 following the release before starting to consolidate lower; resistance to watch on the topside stands at 3.96. On the downside, first support to watch stands at 3.94, followed by 3.93.
  • USDHUF hit a local high at 311.80 before consolidating slightly lower. ST support to watch on the downside stands at 310.50. On the topside, resistance to watch stands at 314.

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