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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
- The surge in risk off sentiment this week was associated with a significant HUF depreciation, with EURHUF reaching an all-time high at 416.90 before consolidating lower.
- As a result, NBH deputy governor Virag commented yesterday that the central bank will act via the 1W depo rate facility on Thursday and that today’s hike will be ‘decisive’.
- Hence, sell side analysts readjusted their forecast following Virag’s comments, with median consensus now expecting a 50% hike to 8.25% (total of 8 analysts).
- A 50bps hike may not be enough to support the forint in the current environment, therefore the NBH may proceed with a 100bps hike today and add another 25bps to 50bps hike next Thursday if selling pressure on HUF remains elevated.
- MT chart shows that momentum on EURHUF remains bullish; the pair keeps trading inside it upward trending channel band.
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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