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CEE FX Recover Following Sharp Depreciation in Early March

EM FX
  • The 'slight improvement' in the Russia/Ukraine conflict has led to a strong rebound in CEE currencies this week, with PLN up 2.5% against the USD, best performing currency among the EM World.
  • CZK and HUF are also among the best FX performers, up 2.3% and 1.9% against the greenback.
  • Momentum on EM carry ZAR has also been strong this week, with the rand up 2.4% against the dollar.
  • On the other hand, TRY remains vulnerable and is down 3.3% (weakest FX performer).

Source: Bloomberg

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