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EURHUF Close to Recent Highs as CS Takeover Fails to Improve Risk Sentiment

HUNGARY
  • The planned takeover of Credit Suisse by UBS has failed to shore up market sentiment as two-year treasury yields reversed earlier gains at the beginning of the European session and global stocks and equity futures mostly slid. The risk-off market sentiment has seen EURHUF trade close to last week’s highs, with the cross trading above the 400.00 handle at the time of typing.
  • The Hungarian banking system is stable and remains robust and functional amid the deteriorating international environment, MTI report finance minister Varga as saying on Friday. Its financing is stable and has significant reserves, Varga said.
  • The parliamentary group of the ruling Fidesz party will support the ratification of Finland's NATO accession bid at a vote set in the national assembly for March 27, while it will make a decision in connection with Sweden at a later time, the leader of the group said on Friday as cited by MTI.
  • There are no major economic releases or speaker events scheduled today.
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