This daily report provides tactical updates on various emerging market currencies including RUB, ZAR, TRY, PLN, HUF, CZK, RON, ILS, and KZT. The author maintains specific long biases, notably in TRY, while adjusting views on CE3 currencies based on recent inflation data.
Key Takeaways
- 1.The author maintains a long position in TRY, citing favorable seasonal current-account dynamics and contained retail dollarisation.
- 2.HUF is preferred within the CE3 region, while PLN is expected to underperform due to monetary policy outlooks.
- 3.The Bank of Israel (BOI) delivered a dovish 25 bp rate cut, shifting market sentiment toward a dip-buying mentality.
Table of Contents
- RUB
- ZAR
- TRY
- PLN
- HUF
- CZK
- RON
- ILS
- KZT
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Authors
Laoise Ni Thighearnaigh
Securities
USDRUBUSD/TRY
Themes
EM FX tactical positioningMonetary policy divergence in CE3
Regions
OtherRussiaSouth AfricaTurkey