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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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Free AccessHUF Stability Raises Expectations For 1w Deposit Rate Reduction
- Yields open marginally lower this morning in the wake of a gradual but sustained bear steepening this week.
- 10Y yields approaching Nov 10 highs around 2.18, while 20Y yields hold above 2.50.
- Similar to PLN, USD/HUF remains rangebound within the weekly range between 302-305.
- Better than expected unemployment data printing at 4.3% vs 4.6% exp saw a mildly HUF positive reaction.
- Price action remains pegged below the 100dma, with two consecutive spinning top candles forming on the daily chart as a result of choppy trading.
- NBH will be pleased, however, with HUF at current levels as evidenced by the maintenance of the 1w deposit rate remaining at 0.75.
- Continued stability or HUF strength may add weight to calls to reverse September's 15bp hike in the 1w deposit rate in December or more likely 1Q21.
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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.