Free Trial
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.
HUNGARY
- The Hungarian government's decision to ask the Constitutional Court to review a European Union top court ruling related to migration was "unacceptable" because it questioned the primacy of EU law, Justice Commissioner Didier Reynders said (BBG).
- Selling pressure on HUF has been strong this week, down 2.8% against the USD ahead of the NBH meeting next week (Nov 16).
- The NBH is likely to accelerate the pace of its tightening cycle with a minimum 30bps hike next Tuesday.
- The recent weakness of the HUF (against both USD and EUR), which should continue to support inflation expectations, could push NBH policymaker to proceed with a 60bps hike.
- HUF is the weakest performing currency among the EM world (even after TRY, which is down 2.5% against USD this week).
- USDHUF broke above the 317 level this week and is gradually approaching its 320 resistance (May 2020 highs); next level to watch above that stands at 322.60. On the downside, first support stands at 316.30, followed by 315.
- Hungary 10Y yield retraced lower yesterday and is currently trading at the low of its 2-week range; support to watch on the downside stands at 3.78%. On the topside, key resistance remains at 4%.
Source: Bloomberg/MNI
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok