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NBH Leaves 1W Depo Rate Steady, EURHUF Down Slightly Following Decision

HUNGARY
  • The NBH decided to leave its 1W depo rate unchanged this morning at 6.45% (as expected) after hiking it by 30bps last week (following the 100bps hike in the ‘core’ policy rate).
  • NBH policymakers have reiterated on several occasions their intention to hike the 1W depo rate on a monthly basis (rather than every week) in the coming meetings.
  • The monthly adjustments on the 1W depo rate will strongly depend on the performance of the HUF, which remains cheap against major crosses but is not trading at a ‘critical’ level for now.
  • EURHUF has been trending higher earlier this morning (before the NBH decision) after finding support at the 50DMA in the past two days, and is now down nearly 1 figure gradually approaching its 378 support.
    • The pair continues to trade within its 1M range between 370 and 382.60.
  • As a reminder, policymaker have been sensitive to the HUF dynamics as a weakening domestic currency has been supporting inflation expectations.
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