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Macro Data in Focus This Week

HUNGARY
  • EURHUF has begun the week marginally on the back foot, continuing last week’s post-NBH move lower. More positive news regarding EU funds will likely support the forint further while the currency remains sensitive to dovish central bank speak, evidenced by the April 19 rally in EURHUF when Deputy Governor Virag signalled that the first stage of monetary easing was to come.
    • 375.84 – the 20-day EMA – marks initial EURHUF resistance while key support and the bear trigger is marked at 369.47 – the April 18 low.
  • Notable data releases this week includes PPI data, trade balance figures and manufacturing PMI (Est: 53.7) tomorrow morning. Industrial production (Est: -2.9% y/y) and retail sales figures (Est: -13.6% y/y) are on the docket on Friday.

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