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Economic Sentiment Slips to -12.5 in April, NBH Meeting Key Event of the Week

HUNGARY
  • Hungary's GKI economic sentiment fell to -12.5 in April from -10.6 in March, according to the GKI Economic Research. Business confidence fell to -7.5 from -5.4 while consumer confidence fell to -26.7 from -25.5.
  • Minister of EU affairs Janos Boka and MPC Member Gyula Pleschinger are both due to speak at a Hungarian Economic Association event at around 12:00BST/13:00CET.
  • The NBH rate decision tomorrow afternoon is the highlight of the week, where the central bank is widely expected to moderate the pace of rate cuts from 75 to 50bps. A substantial deterioration in global risk sentiment since the previous rate-setting meeting and associated HUF weakness justifies the expected slowdown in pace. Our full preview for the decision, with sell-side analyst views, will be released later today.
  • Looking ahead to later in the week, average gross wage data for February (Est: +14.3% y/y; Prior: +14.7%) and unemployment rate data for March (Est: 4.6%; Prior: 4.6%) will cross on Wednesday and Thursday, respectively.

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