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HUF Extends Further Losses Amid USD Strength, Rising Uncertainty in Poland

HUNGARY
  • The broad USD strength combined with the recent surge in political instability in Poland have been also weighing on HUF, which is down nearly 1.5% against the US Dollar since Friday.
  • Yesterday, economic data showed that July CPI inflation decelerated to 4.6% YoY (vs. 4.8% expected) and down from 5.3% the previous month.
  • The 'negative' surprise will allow NBH policymakers to continue their tightening cycle with smaller rate hikes (15bps) in the coming meeting.
  • Today, the NBH will publish its July policy meeting minutes where the board decided to raise the policy rate by 30bps to 1.2% (1pm London time).
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