CEE FX: Data-heavy week under global pressure – ING
ING’s Frantisek Taborsky highlights a busy Central and Eastern Europe calendar with Czech inflation, Turkey’s inflation report and key Polish data, including GDP and core inflation.
Central and Eastern European (CEE) markets experienced a data-heavy week marked by inflation reports and economic releases from key countries like Czech Republic, Turkey, and Poland. Frantisek Taborsky, an ING analyst, highlighted the importance of these releases in shaping asset prices, particularly EUR/CZK. After closing above 24.250, the currency pair showed upside potential nearing 24.300.
Czech inflation, expected to stay at 1.7% with core inflation around 2.8-2.9%, was confirmed on Tuesday. Meanwhile, Turkey released its inflation report on Thursday, and Poland's final CPI and 2Q GDP were expected to be announced, with GDP growth accelerating to 3.8% YoY, despite a slowdown in private consumption. Global headlines, including the absence of progress in US-Iran talks, continued to drive CEE markets, with regional rates rallying following US jobs data.
Higher oil prices and narrowing rate differentials may put pressure on CEE currencies, while EUR/CZK remains a focus for analysts.
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