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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.
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