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HUF Slightly Weaker Following NBH Announcement

HUNGARY
  • The NBH decided to leave its 1W depo rate steady at 4.3% (as expected) earlier.
  • Based on Barnabas Virag latest press conference, the NBH will now proceed with monthly hikes in the 1W depo rate and is likely to hike by another 30bps in February and March, which would levitate the effective policy rate to 4.9% in Q1.
  • HUF is slightly weaker following the announcement, with EURHUF currently trading around the 353 level. ST resistance to watch on the pair stands at 355. On the downside, first support stands at 352.60, followed by 350.
  • Yesterday, Hungary opposition leader Marki-Zay said that he supports the 15-percent cut in personal income tax for low-wage earners and sees immediate need to raise salaries for teachers, police, social- and health-care workers to stem labor shortage in those sectors according to Bloomberg.
  • Next important data to watch is CPI inflation coming out on February 11 and expected to remain steady at 7.4% in January.
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