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CPI Inflation Expected To Accelerate To 15.9% YoY in August

  • EURHUF retraced sharply lower yesterday as Hungary steps up efforts to unlock EU funds that have been blocked over the Rule of Law dispute.
  • The pair found support at its 100DMA before starting to edge higher; a break below that level would have opened the door for a move down to 392.30 (38.2% Fibo retracement of the 352.40 – 416.90 range).
    • Resistance to watch on the topside stands at 400.
  • This morning, investors will closely watch the August CPI print, with inflation expected to accelerate to 15.9% (up from 13.7% the previous month).
  • In addition, the NBH is expected to maintain its 1W depo rate steady at 11.75% following the 100bps hike last week.

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