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CEE FX: ING Believe Attractive Entry Points for CEE FX May Be Coming

CEE FX
EM BulletBulletGlobalEmerging Market NewsRegion
  • ING note that although the entire EM space weakened yesterday, CEE was the visible loss leader. The lower EUR/USD is not helping, and the escalation in the Middle East has increased risk aversion. But even so, ING don't see much reason on the local side. On the contrary, they say rates are rather supportive of CEE currencies.
  • Although it is probably too early to fade the move, ING believe the market in the coming days may get good entry points for CEE FX again. EUR/PLN in particular is getting interesting ahead of Thursday's NBP press conference, ING say. Yesterday's inflation confirmed a rise including core and given the dovish shift last month from the Governor, and they note that we may see a rather hawkish repricing supporting stronger FX this week.
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  • ING note that although the entire EM space weakened yesterday, CEE was the visible loss leader. The lower EUR/USD is not helping, and the escalation in the Middle East has increased risk aversion. But even so, ING don't see much reason on the local side. On the contrary, they say rates are rather supportive of CEE currencies.
  • Although it is probably too early to fade the move, ING believe the market in the coming days may get good entry points for CEE FX again. EUR/PLN in particular is getting interesting ahead of Thursday's NBP press conference, ING say. Yesterday's inflation confirmed a rise including core and given the dovish shift last month from the Governor, and they note that we may see a rather hawkish repricing supporting stronger FX this week.