This report covers tactical positioning in emerging market currencies including RUB, ZAR, TRY, PLN, HUF, CZK, RON, and ILS. It highlights recent policy surprises and local flow dynamics as key drivers for near-term strategy.
Key Takeaways
- 1.The Turkish Lira (TRY) is being tactically bought, with central bank policy focused on local retail flows rather than offshore positioning.
- 2.NBK surprised markets with a 100bps rate cut, triggering a sharp move in the currency.
- 3.Czech inflation undershot expectations, creating uncertainty regarding a June rate hike by the CNB.
Table of Contents
- USDRUB
- USDZAR
- USDTRY
- EURPLN
- HUF
- CZK
- RON
- ILS
- NBK
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Authors
Laoise Ni Thighearnaigh
Securities
USDRUBUSDZARUSDTRY
Themes
Emerging Market Local FlowsCentral Bank Policy Surprises
Regions
OtherRussiaSouth AfricaTurkey