CEE currencies gain and EUR/CHF rises above 0.93 as easing energy prices and optimism over US-Russia peace talks boost global growth prospects, weighing mildly on the US Dollar (USD), ING's FX analyst Chris Turner notes, ING's FX analyst Chris Turner notes.
Energy prices near year lows support global growth outlook
"CEE FX had been rallying on this US-Russia peace plan late last week, and today we are also seeing EUR/CHF edge above 0.93. Recall that EUR/CHF collapsed on the Russian invasion in 2022. We're also seeing natural gas and oil prices close to the lows of the year – the reverse of the 2022 supply shock."
"This should all be welcome news for global growth prospects, should peace talks progress further, and a mild dollar negative if it generates a re-rating of European growth prospects and softens the advantage of US energy independence."
