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EURHUF Trades Marginally in the Green Following Disappointing Data

HUNGARY
EURHUF has pared the majority of early session gains and now trades close to flat on the day following a below-expectations retail sales print that stoked concerns of a deepening recession. With markets trading tentatively ahead of the holiday weekend, price action is respecting recent ranges with 372.38, the Mar 1 low, still marking the key support level to watch.
  • Retail sales plunged considerably below expectations, falling 10.1% y/y (Est: -5.9%). The data follows an equally disappointing IP print yesterday (-4.6% y/y versus -1.5% expected) and a below estimate manufacturing PMI print on Monday.
  • Comments from George Gulyas crossed wires as he briefed reporters following a government meeting on Wednesday. He said the government will decide on the future of price caps next week, and that EU cohesion funds will arrive if the European Commission accepts Hungary’s legislative changes.
  • Elsewhere, local yields are a few basis points lower in the belly and longer end of the curve, while the Budapest Stock Index trades 1.20% in the green, outperforming its regional peers.
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