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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
- EURHUF has been consolidating sharply this afternoon following the NBH headline on the realignments on rates.
- The central bank announced yesterday that it will align the 1-week depo rate and the base rate at the July 12 meeting (which was supposed to be non-policy meeting) after raising its W depo rate by 200bps to 9.75%.
- It is clear that Hungary policymakers are ready to do ‘whatever they can’ to protect the forint, which has been depreciating sharply against major crosses (EUR, USD).
- EURHUF found resistance at 415.60 yesterday, and has fallen over 10 figures and is currently trading slightly above the 402 level.
- Next support to watch on the downside stands at 400.
- Economic data to watch this morning will be CPI inflation, expected to accelerate to 11.5% in June, up from 10.7% the previous month.
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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