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EURHUF Pierces 20-Day EMA Following Dovish Virag Comments

HUNGARY
EURHUF is extending beyond the 377.00 handle following the dovish comments from NBH Deputy Governor Virag earlier this morning. 377.33 – the 20-day EMA – has been pierced. The 50-day EMA lies at 382.16. The short end of the yield curve continues to face pressure, with 3Y and 5Y bond yields down almost 30bps, while 10Ys sit 20bps lower.
  • Virag's comments have been noted broadly across the sell-side - who note that while the NBH were expected to trim interest rates at some point in the coming months. The pace suggested by Virag ("significant") could suggest a faster rate of cuts than currently priced by the market.

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