MNI BRIEF: China June CPI Hits Three Month Low

RBNZ MPC SAYS OCR "HAS SIGNIFICANTLY REDUCED CPI"

MNI: RBNZ LEAVES OCR AT 5.5%

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

ITALY MAY INDUSTRIAL PRODUCTION +0.5% M/M ; -3.3% WDA Y/Y

Contrasting Momentum Dynamics Underscore Need For July Data

Services Drive Downside Surprise in CPI-ATE

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EUR/HUF Tests 350 Level Ahead of NBH Meeting, +30bp Hike Expected on Elevated CPI

HUNGARY
  • EUR/HUF opens -0.08% lower this morning, broadly in line with firmer risk sentiment out of the APAC session.
  • Focus remains on the NBH for continued policy tightening to the tune of +30bp this week – which ahs been keeping HUF firm in recent weeks vs its CEE peers.
  • Although the recent deceleration in inflation in July (4.6% vs 4.8% exp & 5.3% prior) could have given policymakers some room for manoeuvre (smaller rate hikes), CPI inflation is still standing significantly higher than the NBH 4-percent upper tolerance band – necessitating the +30bp move.
  • This should continue to support HUF vs the EUR & PLN as the policy divergence strategy continues to play out.
  • EUR/HUF saw some early choppiness after testing the 350 handle, but has stabilised and continues to maintain its downside bias with the RSI still short of oversold territory at 33.72.
  • Intraday Sup1: 349.61, Sup2: 348.99, Res1: 350.77, Res2: 351.48
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.