Eastern European currencies (CEE) have limited upside potential, in the opinion of economists at ING.
CEE rally is slowing down
“Positive conditions still prevail in the CEE FX market, however, we expect the current rally to start running out of steam.”
“EUR/USD is struggling to reach 1.10 and we don't see much room for further risk premium reduction in the EM space. Moreover, inflation numbers this week may return dovish expectations to the region, which should put the brakes on the current FX rally.”
“The Czech Koruna and the Hungarian Forint remain our favourites, but the room for appreciation is getting thinner. For now, we see a gravity point at 23.30 EUR/CZK and 375 EUR/HUF.”
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