Free Trial

EURHUF Extends Lower Toward 374.00 Level

HUNGARY
HUF sits comfortably as the strongest CEEMEA currency today, with the EURHUF cross trading 1.00% lower and through both the 376.00 and 375.00 handles. The move coincides with broad EUR strength after some hawkish remarks by ECB’s Nagel and Muller, who both acknowledged the possibility of larger rate hikes.
  • A promising PMI data (56.5 versus 53.3 expected) release earlier this morning has also lent strength to the forint following yesterday’s ‘hold’ decision by the NBH, who emphasised that rates will need to remain high for a “prolonged period” as inflation plateaus.
  • While the currency is extending strength, domestic bond markets are more muted with yields sitting relatively flat across the curve (approximately 1-2bps higher), while the Budapest Stock Index trades 0.50% higher, slightly lagging regional peers.

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.