This week has seen various currencies come under assault. In Mexico, the central bank intervened to try and prop up the peso, while elsewhere the so-called CEE3 currencies tumbled as a result of what Commerzbank described as aggressive rate cuts and difficult fiscal situations. As the HUF, PLN and CZK came under pressure, Commerz warned that the currencies could get, “trapped in a devaluation spiral if the local central banks do not react quickly and stop the rate cutting cycles.
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