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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
- Forward rates continue to rise following the positive surprise in inflation last week; as a reminder, CPI inflation accelerated to 4.9% YoY in August (vs. 4.7% exp.). up from 4.6% the previous month.
- The chart below shows that FRA 6Mx9M has increased by 25bps since then and currently trades at 85bps above the Bubor 3M.
- After delivering three consecutive 30bps rate hikes since June, raising the policy rate to 1.5%, we think that the NBH will deliver smaller moves in the coming meetings and is likely to raise the policy rate by 15bps on September 21 despite rising inflationary pressures.
- Policymaker mentioned that the NBH will reassess the policy outlook at the September meeting.
- Hence, a 15bps at each of the last four 2021 meetings would lift up the policy rate to 2.1% at the end of the year.
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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