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CEE FX: Post-US CPI Trends Remain in Play Across CEE FX

CEE FX
BulletEM BulletEmerging Market News

A slight recovery in the euro following the US data has been unable to lift the pressure off CE3 currencies, with broader post-US CPI trends still in play across the region.

  • The Hungarian forint is among the worst performers in EMEA on an intraday basis following outperformance for the local currency earlier in the week. USDHUF has now gained over 1.3% from yesterday’s lows, though its cycle highs posted earlier in the week remain some way off.
  • The Polish zloty unsurprisingly displayed no reaction to the NBP rate decision given that a hold was unanimously expected. Greater focus will be on central bank communication from both the policy statement later today and Glapinski’s press conference tomorrow. Recall the Governor’s surprising hawkish comments last month were met by rebuttals from other MPC members, keeping the focus on inter-meeting communication moving forward.
  • For EURPLN, a bear cycle remains in play from a technical perspective, keeping sights on a key support zone around the 4.25 mark. Meanwhile, resistance to watch is marked at 4.2808, the 50-day EMA.
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A slight recovery in the euro following the US data has been unable to lift the pressure off CE3 currencies, with broader post-US CPI trends still in play across the region.

  • The Hungarian forint is among the worst performers in EMEA on an intraday basis following outperformance for the local currency earlier in the week. USDHUF has now gained over 1.3% from yesterday’s lows, though its cycle highs posted earlier in the week remain some way off.
  • The Polish zloty unsurprisingly displayed no reaction to the NBP rate decision given that a hold was unanimously expected. Greater focus will be on central bank communication from both the policy statement later today and Glapinski’s press conference tomorrow. Recall the Governor’s surprising hawkish comments last month were met by rebuttals from other MPC members, keeping the focus on inter-meeting communication moving forward.
  • For EURPLN, a bear cycle remains in play from a technical perspective, keeping sights on a key support zone around the 4.25 mark. Meanwhile, resistance to watch is marked at 4.2808, the 50-day EMA.