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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI UST Issuance Deep Dive: Dec 2024
MNI US Employment Insight: Soft Enough To Keep Fed Cutting
MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
NBH Limits 1W Depo Interventions as HUF Driven By Factors Outside Of Monetary Policy ‘Realm’
- Last week, we saw that the NBH decided to leave its 1W depo rate steady at 6.45% despite EURHUF surging above the 390 level.
- The NBH has tried to limit the interventions via the 1W depo rate facility and stick to ‘monthly decision’ along with the ‘core’ policy rate.
- Hiking too aggressively may not have any ST impact on HUF and would accelerate the economic slowdown.
- Next meeting will be on May 31; the NBH is likely to reduce the pace of the tightening cycle on the ‘non-effective’ policy rate and raise it by 50bps to 5.9%.
- Even though HUF is currently significantly ‘undervalued’ based on a range of fair value metrics, the forint has been sensitive to the surge in market uncertainty triggered by the renewed geopolitical tensions.
- Hungary Consumer confidence continued to fall in May, currently standing at its lowest level since March 2021.
To read the full story
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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.