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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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Free AccessMNI EUROPEAN MARKETS ANALYSIS: US Yields Tick Up, JGBs Steady
MNI: PBOC Net Drains CNY248 Bln via OMO Tuesday
NBH Leaves 1W Depo Rate Steady, EURHUF Down Slightly Following Decision
- 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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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.