CEE: CZK prospects are improving despite negative sentiment – ING
Source Fxstreet
FX markets in the CEE (Central and Eastern Europe) region were muted yesterday due to weaker activity in global markets given the US holidays, ING’s Frantisek Taborsky notes.
CZK seems like the right place to be
“The Czech koruna received a boost after surprisingly strong current account data yesterday. We remain constructive on the slow Polish zloty and CZK gains within the region, although again, a lower EUR/USD does not suggest the possibility of a stronger rally here.”
“On the other hand, local rates remain to be paid across the board, improving the outlook for all CEE FX including Hungary's forint, which is underperforming peers for now. Given the better economic data and surprisingly strong current account, the CZK seems like the right place to be in the region for now.”
“The market was negative on the CZK until recently, which would suggest some short positioning while higher inflation could trigger some hawkish central bank comments ahead of the November CNB meeting. In the medium term, we see EUR/CZK returning to 25.00 and lower later. Short-term global conditions may be a problem for this path, but the rate differential is already pointing to these levels.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
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