CEEMEA Macro & Strategy Weekly

Research evidence excerpt

CEEMEA Macro & Strategy Weekly

Deutsche Bank

Research

Global Fixed Income Date

3 July 2026

CEEMEA Macro &

Strategy Weekly

Christian Wietoska

Economics Strategist

n Week in CEEMEA. In Türkiye, June CPI came in at 1.0% m/m, bringing +44-20-754-52424

annual inflation down to 32.1% y/y in line with expectations thanks to softer

food and energy inflation, while core inflation also surprised modestly to Danelee Masia

the downside. In Kazakhstan, headline inflation eased marginally to 10.3% Economist

y/y in June from 10.4% previously, broadly in line with expectations, +27-11-775-7267

although monthly price momentum picked up due to firmer fuel, transport Oliver Harvey

and services inflation. June inflation in Poland, meanwhile surprised to the Macro Strategist

downside, printing at 2.5% - in line with NBP target. +44-20-754-51947

Anna Friedemann

n What you need to know for the week ahead. Focus will be on central bank

Research Analyst

meetings across the region. In Israel, we expect the BoI to resume easing

+44-20-754-11816

with a 25bp rate cut to 3.50%, supported by softer inflation and a stronger

shekel. In Poland, Romania, and Egypt, on the other hand, we expect the Twisha Roy

NBP, NBR and CBE to keep rates unchanged respectively. June CPI releases Economist

are due across CEEMEA, with inflation expected to moderate in the Czech +44-20-754-52413

Republic, Hungary and Ukraine, while Uzbekistan's inflation is likely to pick Yigit Onay

up following utility tariff adjustments. In Egypt, although inflation Economist

momentum is likely to moderate on a MoM basis, annual inflation is +44-20-75410227

expected to accelerate given base effects are not as favourable.

Ankit Jain

Research Associate

Local Market Strategy

n PLN is looking tired.