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Forint Tops EM Pile in Wake of US Data

HUF
  • The initial fade in the USD on the slightly softer US inflation data generally reinforced risk-on sentiment across global markets - EURUSD printed a new daily high while an uptick was noted across most major equity indices. The moves lent support to the HUF, with USDHUF and EURHUF both seen briefly trading to fresh intraday lows. While price action has partially reversed, EURHUF and USDHUF still sit 1.05% and 1.55% lower on the day, respectively, and close to pre-data levels.
  • Particular sensitivity of the Forint to swings in global sentiment have buoyed the currency to the top of the EMEA pile. Both PLNHUF and CZKHUF trade ~0.8% in the red, extending recent moves lower having recorded multi-month highs earlier this month. Notably, PLNHUF has comfortably broken out of the cycle of higher-highs and higher-lows which began in April.
  • Price action across HGBs have largely mirrored moves in global FI. Yields across the curve are down between 7-11bps, though respect recent ranges. The Budapest Stock Index remains close to all time highs but was little changed on the data release. Before trading hours today, a stronger-than-expected earnings report from OTP Bank, the nation’s largest commercial lender, sent shares as much as 3.65% higher.
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