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HUNGARY: Local News Flow Thin, Attention Shifts to Wage Data Tomorrow

HUNGARY
  • Local news flow is thin today, with no major economic releases scheduled either. Average gross wage data for April will cross tomorrow (Est: +13.7% Y/Y; Prior: +13.9%). In its latest policy statement, the NBH noted that “the expansionary effect of strong real wage growth on consumption will become increasingly pronounced in the rest of the year.”
  • As a reminder, the NBH cut its base rate by 25bps to 7.00%, a decision in-line with expectations of the majority of sell-side analysts. Communication tilted hawkish, while Deputy Governor Virag reinforced his view that the scope for additional rate cuts beyond this month appears limited. Among sell-side, views are mixed over the path of monetary policy beyond this month.
  • See our full review of that decision here.

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