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HUF Remains Firm as NBH Provides Hawkish Guidance

HUNGARY
  • EUR/HUF continues to track lower this morning, following on from yesterday's perceivably hawkish NBH meeting.
  • Alongside the +30bp hike, phraseology and the removal of HUF 10bn from weekly asset purchases and show of concern RE a spike in inflation in the coming months – adding to an overall hawkish feel and post-meeting market reaction in HUF.
  • The NBH guided towards further hikes to combat rising price pressures with no sign of easing up just yet.
  • EUR/HUF has now pushed deeper into oversold territory on the daily as the May – June lows come into focus with key levels at 346.73 & 345.21.
  • Intraday Sup1: 347.58, Sup2: 346.73, Res1: 348.33, Res2: 348.99
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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