HUF takes the lead as NBH..........>

EMERGING MARKETS: HUF takes the lead as NBH targets short-sellers

- HUF rallied sharply and outperforms broader EMFX following comments from the

Hungarian central bank deputy governor Nagy, who stated that the bank have

substantially lowered their FX swap stocks, which was a conscious and deliberate

decision and has triggered a 50bps rise in implied swap rates, thereby making

short HUF positions more expensive. EUR/HUF pulled further below the alltime

highs to make 337.27 the immediate downside target.

- RUB is one of the poorest performers, falling against all others in EMFX

thanks to the sagging oil price. The uptick in reported Coronavirus cases has

pressured Brent specifically, which has fallen as much as 1% so far Thursday.

- Polish trade balance data, Colombian manufacturing production and retail sales

are all due. The Mexican central bank rate decision crosses at 1900GMT/1400ET,

where the Banxico are seen cutting rates by 25bps to 7.0%.