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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
HUNGARY
- This morning, economic data showed that CPI inflation surprised positively in June, rising 5.3% YoY (vs. 4.9% exp.) and up from 5.1% the previous month.
- The chart shows that inflation continues to diverge significantly from the NBH 4-percent upper tolerance band, 'pushing' NBH board to raise rates more rapidly to curb the inflationary pressures.
- As opposed to Poland, NBH policymakers seem more concerned about the inflation risks in Hungary based on their latest speeches.
- Hence, odds of another 'aggressive' 30bps hike at the next meeting (July 27) have been rising.
- FRA 6Mx9M is currently trading nearly 100bps above Bubor 3M, implying that the market expects 15bps at every meeting following the likely 30bps hike at the end of the month.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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