EUR/HUF could test 390, EUR/CZK seen at 24 and EUR/PLN should go below 4.70 – ING
|In the FX market, not much changed for the CEE region last week. Economists at ING share their views on the likes of EUR/HUF, EUR/CZK and EUR/PLN for the coming days.
All eyes on the Hungarian Forint
“Higher EUR/USD, improving sentiment in Europe and low gas prices should remain supportive for FX in the CEE region.”
“We believe the Forint will find a way to maintain its current strong values at the end of the week despite higher volatility. A deterioration in the outlook should not be a major surprise for the market and we also expect the hawkish NBH to dampen the current market speculation on an early rate cut, which should be positive for the forint. On the other hand, positioning is on the long side according to our estimates though if everything goes according to plan, we could test 390 EUR/HUF.”
“We see the Czech Koruna still near 24.00 EUR/CZK and the Polish Zloty should go below 4.70 EUR/PLN.”
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