MNI China Daily Summary: Friday, May 17

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Forint Underperforms Regional Peers Despite More Favourable Global Risk Appetite

HUF
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EURHUF briefly pierced 392.00 at the start of the session, falling shy of the 50-day EMA at 391.70, before reversing losses alongside the fade in EURUSD from its intraday high.
  • The more favourable risk appetite, evidenced by a softer greenback, lower oil prices and tamer geopolitical tensions, has provided some relief to EM FX over the past two sessions, though the HUF underperforms most of its EMEA counterparts on the day – PLNHUF has gained 0.34%, but still sits below the 50-DMA at 91.12 – exhibiting the forint’s high beta to swings in global sentiment.
  • Domestically, data releases have been limited this week with focus turning to the NBH rate decision next Tuesday. HUF developments will once again be a significant determinant of the pace of additional easing after NBH chief economist Zsolt Kuti said yesterday that the role of the forint’s exchange rate and its effect on the economy has become more important in setting monetary policy.
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EURHUF briefly pierced 392.00 at the start of the session, falling shy of the 50-day EMA at 391.70, before reversing losses alongside the fade in EURUSD from its intraday high.
  • The more favourable risk appetite, evidenced by a softer greenback, lower oil prices and tamer geopolitical tensions, has provided some relief to EM FX over the past two sessions, though the HUF underperforms most of its EMEA counterparts on the day – PLNHUF has gained 0.34%, but still sits below the 50-DMA at 91.12 – exhibiting the forint’s high beta to swings in global sentiment.
  • Domestically, data releases have been limited this week with focus turning to the NBH rate decision next Tuesday. HUF developments will once again be a significant determinant of the pace of additional easing after NBH chief economist Zsolt Kuti said yesterday that the role of the forint’s exchange rate and its effect on the economy has become more important in setting monetary policy.