In the absence of significant impulses on the global side, inflation and central banks are once again in focus regarding the US dollar and the Swiss franc, yet with different nuances. While on the one side of the pond, markets bet on rate cuts, thus any sign of inflation persistence spoils the mood, on the other side, the SNB and its fight against inflation through a strong currency are at the center of attention. In CEE, business as usual was not on the agenda. Despite various risks, the dinar appreciated enough to force the NBS to intervene in order to ensure currency stability. In Russia, a renewed increase in the trade surplus in April could not prevent the rouble from depreciating further.
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