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MNI China Daily Summary: Thursday, March 30

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HUF Recoups Some Losses Following Wednesday Plunge

HUNGARY
BulletEM BulletEmerging Markets NewsHomepageEuropean Central Bank (ECB) Market News
  • EURHUF (-0.80%) trades softer today after price action yesterday saw the forint erase its YTD gains against the euro, while the currency plunged 5.1% against the dollar – the biggest drop in almost 13 years.
  • The ECB rate decision is a key risk event today. MNI cited sources in an exclusive published Monday reporting that the ECB "hopes to push ahead with its plans to hike by 50 basis points in line with its guidance on Thursday despite the collapse of U.S. bank SVB and sliding market rate expectations". Such a move could spark further selling across HUF, which has been supported by its EU-high 18% interest rate in recent months.
  • There is little in the way of domestic news as Hungary returns from yesterday's National Day celebrations. There are also no domestic data releases scheduled. Prime Minister Orban will meet his Turkic country counterparts in Ankara today.
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  • EURHUF (-0.80%) trades softer today after price action yesterday saw the forint erase its YTD gains against the euro, while the currency plunged 5.1% against the dollar – the biggest drop in almost 13 years.
  • The ECB rate decision is a key risk event today. MNI cited sources in an exclusive published Monday reporting that the ECB "hopes to push ahead with its plans to hike by 50 basis points in line with its guidance on Thursday despite the collapse of U.S. bank SVB and sliding market rate expectations". Such a move could spark further selling across HUF, which has been supported by its EU-high 18% interest rate in recent months.
  • There is little in the way of domestic news as Hungary returns from yesterday's National Day celebrations. There are also no domestic data releases scheduled. Prime Minister Orban will meet his Turkic country counterparts in Ankara today.