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Cabinet Minister to Hold Briefing; EURHUF Begins Week Steady

HUNGARY
  • EUR/HUF trades close to flat following last week’s 1.6% rally. The cross remains above resistance at 373.47, where the 50-day EMA intersects today. The next key resistance is at 378.79 – the May 19 high – while key support and the bear trigger is seen at 367.59 – the Jun 12 low.
  • Cabinet Minister Gergely Gulyas will hold a briefing at 0930BST/1030CET following last week’s government meeting and Friday’s parliamentary session in which laws affecting teachers’ statuses was discussed. The session ran parallel to a demonstration against the proposed measures which continued into Saturday morning.
  • There are no major economic releases scheduled today. The NBH rate decision is the key domestic risk event with further gradual easing to the 17% effective rate expected. Further out this week, average wage and unemployment rate data is on the docket.

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