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HUF and PLN Down Nearly 10% In March (vs. USD)

CEE FX
  • The deterioration in the Russia/Ukraine conflict has left CEE currencies vulnerable in recent weeks, erasing policymakers 2021 ‘effort’ after aggressive tightening.
  • HUF and PLN have been the weakest FX performers since the start of the month (after RUB), down nearly 9% against the greenback.
  • CZK is the third weakest performer, down 5.1% against the USD.
  • Interestingly, CEE currencies have experienced more volatility than the TRY even though CBRT has been keeping its policy rate unchanged this year after a 5% cut in H2 2021.

Source: Bloomberg

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