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Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

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  • This week has been quiet for Hungary, with participants preparing for NBH meeting on July 27.
  • As inflation continued to surprise positively in June (+5.3% YoY vs. 4.9% exp.), odds for another 30bps hike have increased significantly.
  • Even though NBH has started a tightening cycle, the HUF continues to depreciate against major crosses amid rising uncertainty due to legal disputes with the EU.
  • USDHUF broke above its 305 resistance this week; next level to watch on the topside stands at 310. On the downside, first support stands at 302.50, followed by 300.
  • Hungary 10Y yield ticks higher this morning after finding a local low at 2.68% yesterday; support to watch on the downside stands at 2.60%. On the topside, first resistance stands at 2.79% (100DMA), followed by 2.84%.