This report provides a daily update on various emerging market currency pairs, noting mixed sentiment influenced by US dollar strength and specific central bank stances. Analysts maintain a long position on TRY while noting concerns regarding HUF and recent profit-taking on KZT.
Key Takeaways
- 1.TRY remains a long position based on contained retail dollarization and seasonally supportive current-account dynamics.
- 2.HUF is seeing bearish pressure due to dollar strength and a more dovish than expected National Bank of Hungary (NBH).
- 3.The carry trade in KZT has been exited ahead of seasonal weakness, pending better entry levels.
Table of Contents
- RUB
- ZAR
- TRY
- PLN
- HUF
- CZK
- RON
- ILS
- KZT
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Authors
Laoise Ni Thighearnaigh
Securities
USDRUBZARUSD/TRYEUR/PLNHUFEURCZKEURRONUSDILS
Themes
Central Bank Policy DivergenceEM FX SeasonalityUSD Strength impact on EM
Regions
GlobalRussiaSouth AfricaTurkey