This report covers daily market action and outlook for Emerging Market currencies in the wake of geopolitical escalation in the Middle East. It highlights a constructive view on TRY while noting risks to ZAR from rising oil prices.
Key Takeaways
- 1.Energy prices are rising due to geopolitical tensions in the Middle East, negatively impacting risk sentiment.
- 2.The J.P. Morgan desk maintains a long position in TRY, supported by stable policy frameworks and contained retail dollarization.
- 3.Czech inflation came in significantly lower than expected, complicating the CNB's hawkish stance and prompting a potential EURCZK long position.
Table of Contents
- RUB
- ZAR
- TRY
- PLN
- HUF
- CZK
- RON
- ILS
- KZT
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Authors
Laoise Ni Thighearnaigh
Securities
USDRUBUSDZAREURCZK
Themes
Energy Price VolatilityGeopolitical Risk
Regions
Middle EastRussiaSouth AfricaTurkey