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Thursday, 16 February 2012

MARKET TALK: Emerging Markets Currencies Extend Weakness

1034 GMT amid more uncertainty over Greece, following another delay in securing the country's second bailout package. CZK, HUF and PLN all lose ground against the EUR, while TRY and ZAR come under pressure against the USD. ILS also sells off against the USD in part due to renewed political tensions in the region. Looking ahead, domestic events will play second fiddle to Greek news which looks set to remain the key driver for sentiment across markets in the near term. EUR/PLN at 4.2298 vs 4.2094 late Wednesday. EUR/CZK up at 25.26 vs 25.220, EUR/HUF at 293.37 up from 292.03. USD/TRY up at 1.7759 from 1.7679, USD/ILS at 3.7673 from 3.753.

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