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RUB Takes Down TRY, CEE FX

EM FX
  • The escalation in the Russia/Ukraine conflict overnight has been massively weighing on RUB and CEE currencies.
  • Not surprisingly, the RUB is the worst performing currency among the EM World since the start of the week; the ruble is down over 8% against the USD.
  • As we previously mentioned, the vulnerability of the CEE economies to the Russia-related tensions have led to a sharp depreciation in CEE currencies in the past few days.
  • CZK, HUF and PLN are all down nearly 4% against the USD.
  • In addition, TRY has also been sensitive to the surge risk-aversion; the Lira is also down 4% against the greenback this week.

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