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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.
HUNGARY
- Selling pressure on HUF remains elevated this morning, pushing the HUF reaching to a new all-time low against the Euro.
- Weakening HUF puts NBH policymakers in a difficult position as it keeps supporting inflation expectations.
- Last week, we saw that the NBH decided to lift its 1W deposit rate to 2.5% (vs. 2.1% for policy rate) as an attempt to limit the downside risk on HUF.
- EURHUF has been retracing sharply higher in the past two days, gradually approaching its 370 level. Support to watch on the downside stands at 365, followed by 363.20.
- Hungary 10Y yield consolidating higher in the past week, surging above the 4.10% level. Next key resistance to watch on the topside stands at 4.24%. On the downside, first support stands at 4%.
Source: Bloomberg/MNI
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.
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