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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.
HUNGARY
- The NBH is expected to accelerate the pace of its tightening cycle this week (Nov 16), with most sell-side analysts pricing in a 30bps hike (vs. 15bps in the past two meetings).
- However, a 30bps hike is very likely priced in by the market, and therefore may not be enough to halt the recent HUF depreciation.
- We saw last week that the HUF was the weakest FX performer among the EM world, down 3.2% against the USD (see chart) and 2.1% against the EUR.
- Hence, as HUF weakness would continue to support inflation expectations (inflation: a 'public enemy'), it is likely that the NBH will also surprise the market on Tuesday, hiking by up to 60bps.
- Hungary faces European Union fines for failing to comply with a ruling by the bloc's top court over its tough treatment of asylum seeker (BBG).
Source: Bloomberg/MNI
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.
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