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Government to Decide on Food Price Caps

HUNGARY
  • EUR/HUF has dipped lower at the start of the session, briefly piercing yesterday’s post-NBH lows at 371.47. A continuation of the move lower would open key support and the bear trigger at 367.59, the Jun 12 low. A clear break of this level would resume the downtrend and open 366.41, the Mar 30 2022 low.
  • Hungary’s state secretary said the debate on the EC's proposal for members states to provide EUR50b in grants and loans to Ukraine in 2024-2027 would be "interesting and strange" as the EU's executive asks member states to step up their contributions, while Hungary still hasn't received its funding earmarked in the EU budget, MTI report. He noted that amending the EU budget requires a unanimous decision by member states.
  • The government is set to decide on its price caps on basic food items at its regular weekly meeting today.
  • There are no major economic releases or speaker events scheduled for today. Average gross wage (Est: +18.0% y/y), unemployment rate (Est: +3.9%) and economic sentiment data is on the docket later this week.

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