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JP Morgan Take Profit on Long PLN/HUF Trade Recommendation

CEE FX
  • In outright FX trades, JP Morgan say they took profit on their long PLN/HUF trade recommendation (entry 87.41; exit 89.63; profit 2.48%) and on long EUR/CZK (entry 24.37; exit 25.21; profit 2.19%). They replaced long PLN/HUF with a new long EUR/HUF expression. They also took profits on PLN in their outright portfolio.
  • JPM keep a bearish outlook on HUF and hold a EUR/HUF long combined with selling a 2-month 398 EUR/HUF call (entry ref. 387.44; 0.54% premium, review on EUR/HUF spot at 380). They also remain bearish CZK but acknowledge that the recent pace of adjustment has been fast and it is worth tactically adjusting the scale of exposure.
  • Among different bearish CZK expressions, JPM’s highest conviction is on long SEK/CZK, where the deviation from underlying drivers is largest. They keep this trade but take profits on long EUR/CZK.
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