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PLNHUF Narrowing Gap to All-Time High

CEE FX
  • PLNHUF last deals at 89.35, just shy of last week’s high of 89.44. A break of this level would turn the attention to the all-time high printed in December 2022 at 89.69. Note last week we flagged the divergent sell-side views over the direction of PLNHUF.
  • HUF underperformance follows confirmation by the European Commission that it has launched an infringement procedure against Hungary "for violating EU law on the Defence of Sovereignty".
  • Meanwhile, PLN sits marginally firmer against the single currency following the in-line with expectations NBP rate decision. Given the decision was well-telegraphed, the policy statement today at 15:00GMT/16:00CET and Glapinski's press conference tomorrow will be closely watched for clues over the rate path.
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