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EURHUF Operating Close to Recent Highs as ECB Rate Decision Takes Focus

HUNGARY
  • Focus will be on the ECB rate decision at 13:15GMT/14:15CET. No changes are expected at the policy meeting, with President Lagarde likely to use the press conference to push back against market expectations of policy rate cuts in the near-term, while also entertaining the possibility of easing policy later in the year.
  • Domestically, unemployment rate data (Est: 4.2%; Prior: 4.2%) tomorrow morning is the last remaining release on the docket for the week. The NBH meeting on Jan 30 will then take focus amid growing expectations of a 100bp cut (compared to 75bp moves at the prior three meetings).
  • EURHUF is trading around yesterday’s highs at typing, little changed on the day. The cross hit its highest level since October on Wednesday as markets continue to price in an acceleration in the central bank’s easing path. 389.20, the Oct 9 2023 high, is the next resistance level to watch.
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