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HUF: ING Say Cautious NBH Could Allow EURHUF to Test Lower Levels

HUF
CEEMEAEM BulletBulletEmerging Market NewsHungary

ING note that if the NBH repeats its previously cautious tone, which is their baseline view, this should be confirmation for EUR/HUF to stabilise and potentially test lower levels.

  • Even though the very front-end curves will not see much dovishness anytime soon, ING believe the belly and long-end rates and bond curves are mispriced and should be lower. The medium-term picture for HUF, however, is not positive for them.
  • They say the central bank will return to a dovish tone at some point this year and EUR/USD will be lower, pushing EUR/HUF higher. Thus, ING expect EUR/HUF at 420 at the end of the quarter or later, depending on the global story.
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ING note that if the NBH repeats its previously cautious tone, which is their baseline view, this should be confirmation for EUR/HUF to stabilise and potentially test lower levels.

  • Even though the very front-end curves will not see much dovishness anytime soon, ING believe the belly and long-end rates and bond curves are mispriced and should be lower. The medium-term picture for HUF, however, is not positive for them.
  • They say the central bank will return to a dovish tone at some point this year and EUR/USD will be lower, pushing EUR/HUF higher. Thus, ING expect EUR/HUF at 420 at the end of the quarter or later, depending on the global story.