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Free Access10Y Yield Fails to Break Below 100D SMA
- Last week, economic data showed that Hungary May CPI came in slightly lower than expected at 5.1% (vs. 5.3% exp.), leading to more hawkish tone from NBH policymaker.
- As a result, deputy Governor Barnabas Virag once again confirmed on Thursday that he sees the end of ultra-loose monetary policy due to sustained CPI risks and therefore thinks that the NBH needs to gradually normalize ST rates. Virag expects CPI to be higher than 4% this year (above the NBH upper tolerance band).
- NBH Governor György Matolcsy also mentioned that monetary tightening is necessary following CPI data.
- USDHUF has been retracing higher in the past two weeks, trading at the high of its 283-287 range; resistances to watch on the topside stand at 290 and 293 (50D SMA). On the downside, first support below 283 stands at 280.
- Hungary 10Yyield failed to break below its 100D SMA on Friday (2.67%) after consolidating sharply since the start of the month; next support stands at 2.60%. On the topside, first resistance stands at 2.82% (50D SMA), followed by 3%.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.