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GDP To Grow by 4-5% in 2022 (PM Orban)

HUNGARY
  • HUF remains vulnerable despite NBH hiking rates to curb the elevated inflationary pressures; the forint is one of the weakest EM FX performers this month, down 1.3% against the USD so far.
  • Political uncertainty and the ongoing dispute with the EU keep weighing on HUF, which is likely to push the NBH to prolong its tightening cycle as a weaker forint supports inflation expectations.
  • EURHUF ticks higher this morning and is currently slightly below its 370 key resistance. Support to watch on the downside stands at 366.40, followed by 364.80 (50DMA).
  • Hungary 10Y yield has been retracing higher this week and is currently trading around the 4.50% level; next key resistance to watch on the topside stands at 4.72%, which corresponds to the 38.2% Fibo retracement of the 1.47% - 10% range. On the downside, first support to watch stands at 4.18%.
  • PM Orban said in a conference this morning that GDP is expected to grow by 4 to 5% in 2022.
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