EM FX Daily Report - 26th June 2026. Fri Jun 26 2026

Research evidence excerpt

EM FX Daily Report - 26th June 2026. Fri Jun 26 2026

Laoise Ni Thighearnaigh AC Sales & Trading J P M O R G A N

laoise.nithighearnaigh@jpmorgan.com EM FX Daily Report - 26th June

JPMorgan Chase Bank N.A, London Branch 2026

26 June 2026

PLN The broad dollar consolidated following the PCE print yesterday that also led to better offers in

USD/EM in general. Our flows in PLN reversed yesterday with good sized inflows from real

money, but it must be noted that the market took the inflows pretty well, as systematic accounts

continued to buy sell Pln since the market cleared above the resistance. In Ce3, we still prefer

HUF and expect PLN to underperform on a relative basis on back of monetary policy reaction

function compared to its peers.

HUF EURHUF trickled lower yesterday as an in-line PCE print saw a modest relief rally in risk

sentiment. Very little to add to recent commentaries – we remain long HUF as the domestic

story remains structurally bullish, looking for a move back through 350 in the near term.

CZK Decent move higher in EURCZK yesterday despite the desk seeing very little flow wise. Still

think there’s a major trade in CZK right now, but if anything, I’d still prefer to be long the

currency over the medium term, as the CNB remains hawkish and the data is strong.

RON Eur/ron dropped to 5.2300 yesterday. Not sure what was behind the flow although I did see

some hedge fund demand at the lows. I agree that buying this mini dip is the right approach.

ILS usd/ils dipped below 2.9700 yesterday but the move has been quickly retraced, underlining my

view that sentiment has changed in the last fortnight and that the psychology now seems to be

to pick up usd on a pullback. Might get a chance early next week with month end corporate

flows expected to be left hand side.