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Gross Wages Data Holds at Top-End of Recent Range

HUNGARY
  • Gross wages data covering March came in higher than expected at 13.9% vs. Exp. 13.1%, albeit at a slower pace vs. the 14.1% posted in February.
  • Budget data for end-April is set for release later today, and will provide more insight into the widening budget deficit outlined earlier in the year. The data follows Nagy's careful comments made earlier in the week, where he stated the government will aim to narrow the budget gap without turning to austerity measures. The data is set for release at 11am local time (1000BST).
  • The NBH decision earlier this week saw a 50bps rate cut, as expected - This marked a continuation from the 50bp cutting pace in April and the decision was in line with analyst estimates, which had been well priced by markets. See our full review with summary of sell-side analyst views here: https://roar-assets-auto.rbl.ms/files/64323/NBH%20...

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