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Forint Extends Recent Recovery, Outperforming CE3 Peers

HUF
EURHUF last deals ~0.55% softer, outpacing losses in EURPLN and EURCZK. The cross closely matched the lows printed on two occasions last week around the 387.00 region, though price action is clear of 384.77 – the 50-day EMA.
  • Hungary’s 6x9 FRAs remain above cycle lows printed on Sep 22 ahead of last week’s NBH decision as the global 'higher for longer' theme bleeds into Hungarian markets, prompting the expected pace of potential easing to slow. The NBH struck a hawkish tilt in its policy statement by stressing that monetary policy must remain “tight”. While EURHUF did not immediately move lower on the decision, the cross pared the majority of its gains later in the week.
  • The forint was little changed amid comments from the Minister for Economic Development Marton Nagy who said that he sees GDP growth at 4% in 2024 after stagnating in 2023. He said he opposed the NBH’s goal of real positive rates, adding to the recent spat between central bank and government officials.
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