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Free AccessNBH Leaves 1W Depo Rate Steady Despite HUF Weakness
- NBH decided to leave its 1W depo rate steady at 6.15% this morning for the third consecutive week despite the HUF weakness.
- EURHUF soared above the 380 level last week following Orban’s victory to reach a local high at 382.10 before starting to consolidate gradually lower.
- HUF remains ‘extremely cheap’ using either a fundamental approach (BEER FX fair value) or historical ranges.
- The chart shows that HUF NEER currently trading over 19% below its historical mean.
- It is likely that the NBH will hike its 1W depo rate at its next ‘core’ policy meeting on April 26, and lower the ‘frequency’ of hikes to monthly steps if the HUF does not experience another sharp depreciation in the near term.
- EURHUF has been retracing lower following the meeting, falling below the 376 level; next ST support to watch on the downside stands at 375.15.
- A break below that level would open the door for a move down to 370 (key support).
Source: Bloomberg/MNI
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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.