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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
HUNGARY
- The NBH decided to raise its core policy rate by 100bps to 4.4% in today’s meeting.
- The acceleration in the tightening pace was broadly expected following the recent adjustments via the 1W depo rate facility.
- As a reminder, the NBH has increased its 1W depo rate by 125bps since the start of the month to ease the selling pressure on HUF following the drastic depreciation in the forint in the end of February/ beginning of March.
- The HUF partly recovered from its losses due to the Russia/Ukraine conflict, but still trade below its ‘fundamental’ value.
- EURHUF ticks lower following the decision, gradually approaching its key support at 370.
- A break below that level would open the door for a move down to 364.70 (100DM).
- Deputy Governor Virag will hold a press conference at 3pm CET.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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