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ING Say Global Conditions Remain Positive for Regional Currencies

CEE
  • Global conditions for the CEE region remain positive as EUR/USD is gradually moving higher, with ING still seeing some room for a reduction in the risk premium after the recent turbulence. Central banks in CEE are maintaining a relatively hawkish tone compared to global players. Thus, high FX carry and balanced positioning will continue to attract CEE FX buyers.
  • If favourable conditions persist globally, ING expect further gains across the region this week. For the koruna, ING see 23.40 EUR/CZK as the next checkpoint on the swift way down. On the other hand, the forint should slow down a bit and touch 378 EUR/HUF. The Polish zloty is retesting 4.670 EUR/PLN, which should also be the task for this week to settle below this level.
  • The Hungarian forint could be hampered by headlines coming from the European Commission this week if any problems are found in the Hungarian government's progress in trying to unlock access to EU money.
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