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Over-Arching USD Weakness Buoys Energy, Metals


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  • We have seen that CEE currencies have depreciating sharply against the US Dollar since the start of the month as preference for the USD has been rising. -
    • HUF is the biggest loser in June, down 4.3% since the start of the month, following 5.5% appreciation in May
    • {PD} PLN has also been depreciating sharply, down 3.8% MtD
    • CZK is down 2.7% MtDā€¢ In addition, super trending {SA} ZAR has also been consolidating this month, down 2.1% this month following a 5.5% increase in May.
  • Political and economic uncertainty continues to weigh on the Turkish lira, with USDTRY flirting with its all-time high at 8.70 (all-time low for TRY, down 2.2% MtD).
  • The Ruble is the only trending currency in the CEEMEA market, up 1.9% against the USD, partly driven by the firm momentum in oil prices.

Source: Bloomberg/MNI