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VP Kirchner Highlights Fiscal Failures


July Trade Balance Data Due


Chilean Markets Closed For National Holiday


Bear steepening

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  • The rise in uncertainty in recent weeks combined with the legal disputes between Hungary and EU have been weighing on the HUF, which has been the worst performing currency in July among the CEEMEA market.
  • Next important event is the NBH policy meeting on July 27; central bank is expected to raise its benchmark rate by another 30bps amid rising inflationary pressures.
  • USDHUF ticks higher this morning after finding a low at 302 yesterday; first resistance to watch stands at 305, followed by 306.50. On the downside, first support to watch stands at 300, followed by 298.60 (200DMA).
  • Hungary 10Y yield has been trending higher this week, trading slightly below its 100DMA at 2.79%; a break above that level would open the door for a move up to 2.88% (50DMA) . On the downside, first support stands at 2.68%, followed by 2.60%.