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CEE FX: Bearish pressure continues to weigh – ING
Higher energy prices and a weaker EUR/USD are driving Central and Eastern European currencies to fresh lows, keeping regional FX under pressure, according to ING’s Frantisek Taborsky.
Regional currencies remain under pressure
"The CEE market remains under pressure. Yesterday’s surge in energy prices and new lows in the EUR/USD pair are pushing regional FX to new lows. In line with our bearish bias, we believe this is far from over."
"EUR/HUF could test 366, but we believe the 368-370 range remains an area for new sellers to enter, effectively capping the pair."
"Meanwhile, the National Bank of Hungary is expected to take a firm stance next week and avoid rushing into rate cuts despite low inflation, which could support the forint, given that one to two rate cuts are currently priced in."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Learn more.)
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