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CEE Currencies Trending Lower Ahead of The NBP Meeting

EM FX
  • CEE currencies have been trending lower this week ahead of the NBP meeting on Wednesday.
  • HUF is the worst performing currency among the EM world, down 1.4% against the US Dollar since the start of the week.
  • CZK (-0.6%) and PLN (-0.3%) are also down against the USD despite the ‘risk-on’ environment.
  • On the other hand, the strong rebound in oil prices has been supporting oil-sensitive currencies COP and MXN, up 1.7% and 1.1%, respectively, against the USD.
  • Risk-on ZAR has also been trending higher in the current environment and is the second best performing currency this week, up 1.2% against the greenback.

Source: Bloomberg/MNI

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