Free Trial

Momentum On HUF Remains Firm, Top Performer Among EM FX This Week

HUNGARY
  • This morning, economic data showed that industrial production came in higher than expected in November at 2.1% YoY (vs. -1.4%), up from -2.7% the previous month.
  • Retail sales decelerated to 3.8% YoY though from 5.7% in October.
  • Yesterday, the NBH decided to leave its 1W depo rate unchanged at 4% after raising its by 220bps since mid-November.
  • The recent HUF appreciation has helped Hungary policymakers as a stronger currency could anchor inflation expectations (which have been rising in recent months domestically and globally).
  • HUF is the best FX performer among the EM world since the start of the week, up 2.8% against the EUR and 2.2% against the USD.

To read the full story

Close

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.