EM FX Daily Report

J.P. Morgan maintains a long position on TRY and a medium-term bullish view on HUF, while remaining tactically sidelined in ZAR and PLN due to geopolitical risks.

Key Takeaways

• 1.J.P. Morgan remains long TRY, viewing the CBRT's priority on real appreciation and reserve accumulation as key to limiting downside and retail dollarization.
• 2.The bullish thesis for the Hungarian Forint (HUF) remains intact despite an unexpected 50bps cut by the NBH, supported by potential EU fund releases.
• 3.Market activity in EM FX is currently characterized by caution, with many participants on the sidelines awaiting geopolitical developments in the Middle East and Russia/Ukraine.

Table of Contents

• USDRUB
• USDZAR
• TRY
• EURPLN
• EURHUF
• CZK
• USDILS
• USDKZT

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