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NBH Rate Decision in Focus with Moderation in Easing Pace Expected

HUNGARY
  • The NBH rate decision takes focus today, where the central bank is widely expected to moderate the pace of rate cuts from 100bps to at least 75bps due to instability in Hungarian markets over the past month which justify a more cautious approach to easing.
  • The rate decision itself is at 13:00GMT/14:00CET, followed by the release of the policy statement at 14:00GMT/15:00CET. Our full preview of the decision, with sell-side analyst views, can be found here.
  • Separately, Bloomberg report that Brazilian police will investigate former President Jair Bolsonaro’s apparent extended visit to the Hungarian embassy in the days after authorities seized his passport as part of an investigation, according to a person familiar with the matter.
  • Looking ahead to the remainder of the week, current account data for Q4-2024 (Est: -EUR 70m) and unemployment rate figures for February (Est: 4.5%) are on the docket tomorrow morning. Average gross wage data for January will cross on Thursday.
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