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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
- As expected, the NBH left its 1W depo rate steady at 6.15% (as expected) as the recent HUF strength has eased the pressure on policymakers to continue their ‘aggressive’ tightening through the 1W depo facility.
- EURHUF has been retracing lower in the past two week after reaching at local high at 382.10 in the week following Orban’s victory.
- The pair is gradually approaching its key support at 370; a break below that level would open the door for a move down to 366.70 (100DMA).
- The forint still trades significantly below its ‘fundamental’ value despite recent gains.
- The chart below shows that the HUF remains the ‘cheapest’ currency among the G10/CEE world, currently trading 22.8% below its ‘fundamental’ value (according to our BEER FX model).
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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