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EURHUF Reaches Highest Levels of the Week, BUX Gains Aided by Mol Earnings Report

HUF
  • The forint sits mixed among its CE3 peers Friday, with EURHUF up ~0.1% on the day (PLNHUF: +0.12%; CZKHUF: -0.25%). That places the cross at its highest level of the week, though we remain just shy of 389.74, the high printed before Hungary’s inflation data last week.
  • The continued bounce off Thursday lows for US yields are providing a headwind to risk currencies today, though the prospect of a more dovish NBH policy mix and concerns of a weak recovery of the Hungarian economy have been the main themes behind HUF weakness this week. A continuation higher in EURHUF would set sights on 390.49, the Jan 30 high.
  • The BUX index recorded a fresh all-time high at the start of the session, up 0.5% at typing, aided by a strong earnings report from Mol posted ahead of the opening bell. Mol, one of the largest firms in the BUX index, has gained 1.5% today.
  • Looking ahead to next week, average gross wage data (Est: +13.8% y/y; Prior: +13.9%) and unemployment rate figures (Est: 4.3%; Prior: 4.2%) are the highlights on the local slate.
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