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Industrial Output Rose By 18.6% In June

HUNGARY
  • Momentum on HUF continues against major crosses following NBH decision to raise the benchmark rate by 30bps to 1.20% on July (vs. 20bps expected).
  • EURHUF has been constantly testing new lows since the NBH meeting, breaking below its 50DMA at 353.60 this morning; next support to watch on the downside stands at 350. On the topside, first resistance stands at 355, followed by 358.10 (200DMA).
  • Hungary 10Y yield ticks higher this morning after finding a local low at 2.74% on Wednesday; next support to watch on the downside stands at 2.70%. On the topside, first resistance to watch stands at 2.81% (100DMA), followed by 2.83% (50DMA).
  • This morning, economic data showed that industrial output rose by 18.6% in June (vs. 17.5% exp.), down from revised 39.9% the previous month.
  • Next important data to watch will be July CPI print coming out on August 10.

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