17 února 2009

17/2 Nobody wants to own EM currencies right now

EURPLN 4.88 last , EURHUF 308.50 last, EURCZK 29.37 last.

Increased risk aversion, deepening economic crisis and worries about eastern Europe’s financial stability continue to weigh on EM currencies. EUR/HUF is approaching critical levels, which will trigger at least verbal intervention and could derail the monetary easing cycle. Although the Polish central bank kept its distance with intervention so far, EUR/PLN approaching 5.00 could trigger stronger reaction from the authorities.

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