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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
- This morning, the NBH surprised the market by hiking its 1W depo rate by 50bps to 7.25%; not a single economist (among the 5 on BBG) was expecting the NBH to act today.
- This follows the Fed’s 75bps hike yesterday, which could add pressure to EM FX as ‘hawkish’ Fed and elevated market uncertainty should continue to support the ‘safe’ US Dollar in the near term.
- It is interesting to see that the NBH is again intervening via the 1W depo facility in between the ‘core’ monthly policy meeting as the dramatic HUF weakness has been supporting inflation expectations.
- EURHUF continues its bearish retracement following the announcement, finding support at 394.60; next support to watch on the downside stands at 393, followed by 390.
Source: BLoomberg
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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