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HUNGARY: Central Bank Raises FX Swap Implied Rate by 50bps to 6%

HUNGARY
CEEMEAEM BulletBulletEmerging Market NewsHungary
  • "HUNGARY CENTRAL BANK RAISES FX SWAP IMPLIED RATE BY 50BPS TO 6%" - BBG
  • "HUNGARY CENTRAL BANK TO MAINTAIN THIS HIGHER FX SWAP IMPLIED RATE, INCLUDING AT THE END-OF-YEAR TENDER" - RTRS
  • "HUNGARY CENTRAL BANK: UPDATED CONDITIONS HIGHLIGHT THE IMPORTANCE OF FINANCIAL MARKET STABILITY AS WE APPROACH THE END OF THE YEAR"

The headlines above are working in favour of the HUF, with EURHUF now 0.3% lower on the session. Initial support at 411.22, the 20-day EMA, still remains some way off owing to the sharp rally over the past three sessions. Note that the NBH said in its latest policy statement that it would “[smooth] movements in financial markets by using instruments with longer maturities in December” and will pay "special attention to the expected state of the FX swap market at the end of the year".

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  • "HUNGARY CENTRAL BANK RAISES FX SWAP IMPLIED RATE BY 50BPS TO 6%" - BBG
  • "HUNGARY CENTRAL BANK TO MAINTAIN THIS HIGHER FX SWAP IMPLIED RATE, INCLUDING AT THE END-OF-YEAR TENDER" - RTRS
  • "HUNGARY CENTRAL BANK: UPDATED CONDITIONS HIGHLIGHT THE IMPORTANCE OF FINANCIAL MARKET STABILITY AS WE APPROACH THE END OF THE YEAR"

The headlines above are working in favour of the HUF, with EURHUF now 0.3% lower on the session. Initial support at 411.22, the 20-day EMA, still remains some way off owing to the sharp rally over the past three sessions. Note that the NBH said in its latest policy statement that it would “[smooth] movements in financial markets by using instruments with longer maturities in December” and will pay "special attention to the expected state of the FX swap market at the end of the year".