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HUNGARY: EURHUF Extends Post-NBH Rally Amid Wider EM FX Weakness

HUNGARY
  • Hungary should repeal its immigration tax, which hampers the work of groups that try to help migrants and refugees, the European Commission said. The country has a law that calls for a 25% tax on financial support received by organisations carrying out activities that facilitate immigration, though it isn’t enforced in practice, the commission said. The recommendation was made in a series of reports addressing rule-of-law and anti-corruption concerns. See more on that here.
  • EURHUF has gained around 0.3% this morning as the post-NBH rally extends. A more dovish policy mix is aiding the move higher, while the general risk-off tone across markets is hampering the wider EM FX basket. Our review of Tuesday’s rate decision can be found here.
  • EU health ministers will hold a meeting in Budapest as part of Hungary’s rotating presidency of the bloc. Unemployment rate data will cross tomorrow morning and is the last economic release of note this week (Est: 4.3%; Prior 4.3%).
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

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