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NBH Likely to Favour QE Over Rate Cuts as Policy Space Widens

HUNGARY
  • Local rates trade flat to lower following a strong week of bull flattening gains on EU budget optimism.
  • 20Y holding above 2.50 handle after attempting to push below at the open.
  • EUR/HUF remains below its 200dma at 354.03 after rejecting an early move higher.
  • Focus tomorrow is on the NBH meeting, where rates are expected to remain on hold at 0.6%.
  • Key changes may come in asset purchases
  • Deflationary pressures & HUF appreciation have provided scope for more monetary accommodation
  • Sell-side still sees HUF & PLN as broadly undervalued.
  • EUR/HUF targets remain anchored around 350.
  • EUR-side factors should dominate price action in the early part of the week as markets digest last week's ECB.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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