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CEE FX: ECB Decision Helps PLN Pare Session Losses, HUF Still Leads Peers

CEE FX
BulletEM BulletEmerging Market News

CE3 currencies have shown limited reaction to both the ECB rate decision and the US data. Initial EUR weakness has helped tip EURPLN into the red on the session with this morning's advance now fully pared. HUF remains the region’s outperformer, trading close to the week’s best levels, with CZK not far behind. For EURHUF, the pullback this week puts focus on support at 407.25, the 50-day EMA.

  • The ECB removed the pledge to keep policy rates “sufficiently restrictive” until inflation returns sustainably to the 2% target but maintained its “data-dependent and meeting-by-meeting approach". Accounting for today’s cut, there are now 33bps of easing priced through the Jan 2025 gathering (vs 34.5bps pre-decision) and 129bps of cuts priced through the end of next year (vs little changed vs pre-decision). Lagarde's presser is underway momentarily.
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CE3 currencies have shown limited reaction to both the ECB rate decision and the US data. Initial EUR weakness has helped tip EURPLN into the red on the session with this morning's advance now fully pared. HUF remains the region’s outperformer, trading close to the week’s best levels, with CZK not far behind. For EURHUF, the pullback this week puts focus on support at 407.25, the 50-day EMA.

  • The ECB removed the pledge to keep policy rates “sufficiently restrictive” until inflation returns sustainably to the 2% target but maintained its “data-dependent and meeting-by-meeting approach". Accounting for today’s cut, there are now 33bps of easing priced through the Jan 2025 gathering (vs 34.5bps pre-decision) and 129bps of cuts priced through the end of next year (vs little changed vs pre-decision). Lagarde's presser is underway momentarily.