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NBH To Hold Non-rate-setting Meeting

HUNGARY
  • EURHUF has been retracing sharply lower this morning after finding resistance at the 400 level yesterday; the pair broke below its 390 support earlier, next support to watch on the downside stands at 385.
  • We have seen that selling pressure on HUF has been extremely elevated in recent weeks, putting NBH policymakers in a difficult position as the sharp forint depreciation has been dramatically supporting inflation expectations.
  • The 75bps hike in the 1w depo rate last week did not have much of an effect on the domestic currency.
  • At 2pm CET, the NBH will hold a non-rate setting meeting; analysts are speculating that the central bank will raise its corridor rate to create more room for further potential hikes in the near term following the dramatic HUF depreciation.
  • Yesterday, Prime Minister Viktor Orban signed a government decree authorizing stationing of NATO troops in Hungary (BBG).
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