August 08, 2022 09:51 GMT
- Traders remain strongly bearish on CEE currencies among the EM world, along with the TRY and RUB according to Bloomberg.
- Sell side firms still see eastern Europe suffering more than other EM if the Euro weakness.
- We previously saw that the 'deep' negative real yields have been weighing on CEE (incl. Turkey) currencies since the start of the year.
- TRY remains the worst performing currency among the EM world; the lira is down 26% against the US dollar so far this year.
- CEE FX also stand at the bottom of the table, with HUF down 16% against the US Dollar as the geopolitical uncertainty and risk aversion have been severely weighing on the forint.