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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 manufacturing PMI ticked slightly higher in August to 55.9, up from 55.6 the previous month. Second Q2 GDP estimate was steady at 17.9% YoY (2.7% QoQ).
- HUF was the best performer among EM currencies in August as NBH maintains its hawkish tone, delivering its third consecutive 30bps interest rate hike on August 24, raising the benchmark rate to 1.50%.
- HUF is up 2.2% against the USD this month (see chart below).• Strong momentum on the HUF has also been supportive for Hungarian equities, which are currently trading close to their all time highs (BUX trading slightly below 52,000).
- USDHUF has been constantly testing new lows in recent weeks and is currently trading slightly below its 295 support; next level to watch on the downside stands at 290. On the topside, first resistance stands at 296.30 (100DMA), followed by 297.70 (200DMA).
- Hungary 10Y yield has been retracing higher in the past two days, currently testing its key resistance at 3%; a break above that level would open the door for a move up to 3.22%. On the downside, first support stands at 2.83% (100D and 50DMA), followed by 2.74%.
- Next important data to watch is PPI inflation coming out on Sep 2.
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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