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NBH Leaves 1W Depo Rate Steady Despite HUF Weakness

HUNGARY
  • EURHUF has been trending higher this week, mainly driven by the surge in risk aversion; the pair broke back above the 400 level and find resistance slightly above 408 yesterday.
  • Selling pressure on HUF remains elevated, but NBH decided to leave its 1W depo rate steady at 10.75% this morning.
  • We argued that 410 seems to be the new threshold for NBH policymakers to start considering intervening via the 1W depo facility.
  • Yesterday, economic data showed that Q2 GDP growth came in stronger than expected at 1.1% QoQ (vs. 0.5% exp.) and up 6.5% YoY.

Source: Bloomberg

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  • EURHUF has been trending higher this week, mainly driven by the surge in risk aversion; the pair broke back above the 400 level and find resistance slightly above 408 yesterday.
  • Selling pressure on HUF remains elevated, but NBH decided to leave its 1W depo rate steady at 10.75% this morning.
  • We argued that 410 seems to be the new threshold for NBH policymakers to start considering intervening via the 1W depo facility.
  • Yesterday, economic data showed that Q2 GDP growth came in stronger than expected at 1.1% QoQ (vs. 0.5% exp.) and up 6.5% YoY.

Source: Bloomberg