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Hungary in Talks to Increase French Role in Nuclear Power Plant

HUNGARY
  • EURHUF trades on the front foot again after yesterday’s 2.5% rally, which put it among the hardest-hit currencies in the world. The cross is currently approaching the 396.00 handle at the time of typing, with the 396.09 Feb 07 high marking the next resistance level to watch.
  • Meanwhile, the Budapest Stock Index plunged almost 3% yesterday, primarily led by the decline in regional bank OTP which fell as much as 11% before paring some losses and ending the session 5.4% lower.
  • MTI report that Hungary is in talks on increasing the role of France's Framatome in the expansion of the Russia-controlled Paks nuclear power plant with a view to preventing the German government from being able to block the delivery of control technology required for the project, minister of foreign affairs and trade Peter Szijjarto said on Monday.
  • Bloomberg report that Hungary has started preparations to build three natural gas-fired power plants in a bid to improve energy security. The planned power stations, with a combined capacity of 1,650MW, will take approximately 3 years to build, according to an emailed statement by MVM, the state energy holding company.
  • Minutes of the February NBH meeting will be published at 1300GMT/1400CET. There are no data releases or speakers on the docket today.
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