The report provides a daily update on EM FX, noting that while local central bank actions in South Africa and Hungary are key, broader geopolitical developments in the Middle East drive overall risk sentiment.
Key Takeaways
- 1.EM risk sentiment is currently dictated by Middle East geopolitical developments and potential US/Iran deal optimism.
- 2.The NBH (Hungary) has turned dovish, signaling a potential rate cut in June as they become more data-dependent.
- 3.Significant reduction in Turkish carry trades has occurred, estimated at $6 to $8 billion since a recent court ruling involving CHP leader Ozgur Ozel.
Table of Contents
- EM FX Daily Report - 27th May 2026
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Authors
Laoise Ni Thighearnaigh
Securities
USDZARUSDTRYEURPLNHUFEURRON
Themes
EM Central Bank DivergenceGeopolitical Dominance
Regions
EuropeMiddle EastAfricaSouth AfricaTurkeyPoland