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CEE FX: CE3 Currencies Weaken as EUR/USD Hits 2-Week Low

CEE FX

EUR/USD slipping to a 2-week low has placed some pressure on CE3 currencies, with HUF, PLN and CZK each around 0.4% weaker against the dollar at typing. Latest weakness comes off the back of a broader risk-off move across markets, with major global equity benchmarks fading from session highs, though there is no obvious headline driver behind the move.

  • ING noted yesterday that while the move lower in EUR/USD has not yet fully translated into CEE FX, rate differentials remain the highest in several weeks which should keep CEE FX at stronger levels.
  • Across CEE, the NBP rate decision takes focus on Wednesday, though it is highly unlikely that any of the ten members of the MPC will cast their vote in favour of a rate cut this week, with the central bank widely expected to stand pat on rates at least through the end of 2024.
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