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HUF: EURHUF Testing Weekly Lows, Stable HUF Provides Room for 25bp Cut

HUF
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

EURHUF (-0.17%) downside gathered momentum through the APAC lows near 394, a handle which has capped losses earlier in the week, with the cross touching a new weekly low in recent trade.

  • The relatively stable path of the forint over the past week, as well as the bold 50bp Fed cut, has solidified bets of a 25bp cut to the base rate on Tuesday. The Council is likely to stick to a relatively cautious tone but could signal the possibility of another rate cut before year-end, with most analysts expecting another 25bp easing move at the December meeting.
  • Meanwhile, wires have carried comments from Foreign Minister Peter Szijjarto regarding Hungary-Russia relations and sanctions. Says that 'We do not agree with EU sanctions and in areas not affected by the sanctions our interest is to develop economic cooperation with Russia'. Adds the view that EU sanctions on Russia are "simply not working." More from our Political Risk team here. 
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EURHUF (-0.17%) downside gathered momentum through the APAC lows near 394, a handle which has capped losses earlier in the week, with the cross touching a new weekly low in recent trade.

  • The relatively stable path of the forint over the past week, as well as the bold 50bp Fed cut, has solidified bets of a 25bp cut to the base rate on Tuesday. The Council is likely to stick to a relatively cautious tone but could signal the possibility of another rate cut before year-end, with most analysts expecting another 25bp easing move at the December meeting.
  • Meanwhile, wires have carried comments from Foreign Minister Peter Szijjarto regarding Hungary-Russia relations and sanctions. Says that 'We do not agree with EU sanctions and in areas not affected by the sanctions our interest is to develop economic cooperation with Russia'. Adds the view that EU sanctions on Russia are "simply not working." More from our Political Risk team here.