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Bullish Outlook

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Trend Needle Still Points South

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HUNGARY
  • Selling pressure on HUF has remained elevated this week as NBH continues to leave its policy rate unchanged at 4% (1W depo).
  • The forint is the second weakest performing currency among the EM world, down 1% against the USD and -0.6% against the Euro.
  • RUB is the worst performing currency this week due to on-going geopolitical instability.
  • Next core meeting is taking place on January 25, and the NBH is expected to continue its gradual tightening policy by raising its 'core' policy rate by 30bps to 2.7%.
  • The NBH is expected to gradually increase its ‘core’ policy rate towards its 1W depo rate in H1 2022.
  • The 1W depo rate is also expected to be increased by 30bps to 4.3% on Thursday (Jan 27) and is likely to be raised to (or above) 4.5% in the ST to ease inflationary pressures and limit the downside risk on HUF.

MNI London Bureau | +44 203-865-3850 | yvan.berthoux@marketnews.com
MNI London Bureau | +44 203-865-3850 | yvan.berthoux@marketnews.com

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