CEE Market Insights

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Market Outlook

The Hungarian forint was the best performer against the euro last week in CEE. Its appreciation came despite the relatively strong US dollar and without any hint at going for a potentially more hawkish tone at the MPC meeting. The Czech koruna and Polish zloty, on the other hand, fell vs. the euro. As for the CZK, despite the ongoing tightening path, we see continued weakness. We still think the koruna should get stronger, and if it does not, that could create the case for an even more aggressive tightening