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NBH Raises 1W Depo Rate By 30bps (As Expected)

HUNGARY
  • This morning, the NBH decided to increase its 1W depo rate by 30bps to 6.45% (as expected) to ease the selling pressure on HUF and continue its ‘fight’ against inflation.
  • This follows Tuesday’s decision when the NBH decided to maintain the pace of its tightening pace on the ‘core’ policy rate and hiked the benchmark rate by 100bps to 5.4%.
  • Implied volatility on CEE currencies has been surging following Russia’s headlines that it will halt its gas deliveries to Poland and Bulgaria.
  • EURHUF surged to a local high at 380.50 yesterday after finding support at the key 370 level on Monday.
    • The pair is slightly down following the NBH announcement, currently testing the 377 level.
    • Next support to watch on the downside stands at 373.60 (50DMA), followed by 370.
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