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CEE FX Weakness Pushes EURHUF To New Highs

HUNGARY
  • Hungary continued to block a European Union proposal that would ban Russian oil imports, holding up the bloc’s entire package of sanctions meant to target President Vladimir Putin over his war in Ukraine (BBG).
  • EURHUF continues to trend higher this morning, supported by the CEE FX weakness; the pair is currently trading at its highest level since March 9th.
    • Next resistance to watch on the topside stands at 390.
    • On the downside, support to watch stands at 380, followed by 376.20 (50DMA).
  • Last week, the NBH decided to leave its 1W deposit rate steady at 6.45% despite EURHUF trading above the 380 level.
  • This week, important data to watch will be CPI inflation coming on May 10, expected to accelerate to 8.9% in April.
  • 'Positive' inflation surprise combined with some HUF weakness in the ST could pressure NBH to act via the 1W depo facility.

Source: Bloomberg/MNI

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  • Hungary continued to block a European Union proposal that would ban Russian oil imports, holding up the bloc’s entire package of sanctions meant to target President Vladimir Putin over his war in Ukraine (BBG).
  • EURHUF continues to trend higher this morning, supported by the CEE FX weakness; the pair is currently trading at its highest level since March 9th.
    • Next resistance to watch on the topside stands at 390.
    • On the downside, support to watch stands at 380, followed by 376.20 (50DMA).
  • Last week, the NBH decided to leave its 1W deposit rate steady at 6.45% despite EURHUF trading above the 380 level.
  • This week, important data to watch will be CPI inflation coming on May 10, expected to accelerate to 8.9% in April.
  • 'Positive' inflation surprise combined with some HUF weakness in the ST could pressure NBH to act via the 1W depo facility.

Source: Bloomberg/MNI