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EUR/HUF Briefly Pierces 372.00 Handle Following Release of Policy Statement

HUNGARY

EUR/HUF briefly pierced the 372.00 handle following the release of the policy statement, extending the day’s losses to 0.3%. The statement was largely as expected – a 100bp cut to the effective rate was delivered and the NBH stressed that a gradual and cautious approach to easing will be required moving forward.

  • Speaking in the post-decision presser, NBH Deputy Governor Virag has said that the base rate and effective rate may be aligned by September. This is also the base case for most sell-side analysts, who see further 100bp effective rate cuts at upcoming meetings so long as the downward trend of inflation continues.
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