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NBH Raises 1W Deposit Rate to 2.9%

HUNGARY
  • The NBH increased its 1W deposit rate by 40bps to 2.9% (usually set the decision at 10:50am London time), increasing the divergence with the policy rate (2.1%).
  • USDHUF fell to a 3-day low following NBH decision to raise the 1w deposit rate to 2.9%.
  • The HUF weakness we saw in recent weeks was going to put policymakers in a difficult position as a weak forint keeps supporting inflation expectations.
  • Hungary 10Y yield has been consolidating lower in the past two days and is currently trading slightly below 4.50%. Resistance to watch on the topside stands at 4.58%. On the downside, first support stands at 4.33%.
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