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CEE FX: ING Do Not See Much Room for Further Gains in HUF, PLN

CEE FX
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  • ING note that their positive bias from yesterday worked well in the HUF market and PLN saw some gains as well. However, on both currencies they don't see too much room to rally further from current levels, but still retain a rather bullish bias for HUF even though medium term they see EUR/HUF higher, bouncing off 392-393 levels.
  • EUR/CZK remained almost unchanged yesterday around 25.150. The market has not reacted much for now to the CNB statement yesterday. But ING still see a stronger CZK as a proxy for paying rates in front of the curve, which may get a boost from the CNB meeting next week given the dovish market pricing.
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  • ING note that their positive bias from yesterday worked well in the HUF market and PLN saw some gains as well. However, on both currencies they don't see too much room to rally further from current levels, but still retain a rather bullish bias for HUF even though medium term they see EUR/HUF higher, bouncing off 392-393 levels.
  • EUR/CZK remained almost unchanged yesterday around 25.150. The market has not reacted much for now to the CNB statement yesterday. But ING still see a stronger CZK as a proxy for paying rates in front of the curve, which may get a boost from the CNB meeting next week given the dovish market pricing.