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Morning Summary: NBH Seen On Hold With Hawkish Tone

HUNGARY
  • Covid daily new cases continue to decrease with the 7D SMA falling to 2,600, down from 9,300 (March 26 high) and from 4,000 the previous week. As the vaccination campaign accelerates, officials allowed cafes and bars to reopen terraces over the weekend. Hungarian government will give its regular update on Covid data at 10.15am (London time).
  • PM Orban expects 4 million people to be vaccinated (at least once) on Wednesday or Thursday, and therefore Hungary will then open a wide range of services for those who have been vaccinated.
  • Today, NBH will hold its monthly monetary policy meeting (at 1pm London time) and is expected to keep its benchmark rate steady at 0.6%, maintaining a hawkish tone to prevent selling pressure on HUF from rising.

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