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EURHUF Testing New Highs Amid Surging Risk Aversion

HUNGARY
  • EURHUF has been rising this week following the surge in risk aversion; the pair broke back above the 400 level and is currently trading at its highest level since July 28.
  • Key ST resistance to watch on the topside stands at 410.
  • Analysts expect the NBH to leave its 1w depo rate steady tomorrow at 10.75%; however, further weakness in the forint (with the EURHUF breaking above 410) could push NBH policymakers to intervene via the 1W facility.
  • This morning, economic data showed that Hungary GDP rose by 6.5% YoY (vs .6.1% exp.), down from 8.2% in Q1.

Source: Bloomberg

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  • EURHUF has been rising this week following the surge in risk aversion; the pair broke back above the 400 level and is currently trading at its highest level since July 28.
  • Key ST resistance to watch on the topside stands at 410.
  • Analysts expect the NBH to leave its 1w depo rate steady tomorrow at 10.75%; however, further weakness in the forint (with the EURHUF breaking above 410) could push NBH policymakers to intervene via the 1W facility.
  • This morning, economic data showed that Hungary GDP rose by 6.5% YoY (vs .6.1% exp.), down from 8.2% in Q1.

Source: Bloomberg