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PLN and HUF Hold Despite RUB Depreciation

EM FX
  • The global risk off environment due to a ‘re-escalation’ in tensions in Russia has left the ruble vulnerable on Monday, down -2.6% against the US Dollar.
  • Interestingly, PLN and HUF, which have been very sensitive the Russia/Ukraine narrative (‘high-beta’ currencies), are slightly up today against the US Dollar (+0.2%)
  • Momentum on BRL remains firm; the real is up 1.1% against the USD today and remains the best-performing currency among the EM world in 2022, up nearly 10% against the greenback.

Source: Bloomberg

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