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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CEE FX
- The USD continues to trend higher today as the rising uncertainty over the economic outlook keeps supporting 'safe' asset such as the greenback.
- US, economic data showed that retail sales came in higher than expected in October at +1.7% MoM (vs. 1.4% exp.); household demand remained resilient last month despite rising inflation.
- Selling pressures on PLN remains elevated despite recent NBP aggressive hikes; USDPLN tested the 4.11 level earlier, its highest level since May 2020. With Fed tapering and political and economic activity rising in Poland, risk is skewed to the downside for PLN.
- HUF is higher today as hawkish comments from Virag in addition to NBH statement reversed the negative momentum on the forint following the central bank 'dovish' hike (30bps).
- USDCZK is slightly down today, and the risk is also skewed to the downside for CZK as the new Covid restrictions could lead to a significant downward revision in growth expectations, therefore weighing on the koruna.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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