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NBH to Stay Cautious after CPI Data; EUR/HUF Follows Bearish Techs Lower

POLAND
  • EUR/HUF trading lower in line with a softer greenback, putting pressure on 359.74 support.
  • Bearish techs on the daily showing a possible resumption of downside.
  • Larger level at 359.15 acting as bear trigger to a more comprehensive move lower towards 356.33.
  • CPI data printed marginally lower, but should help keep the NBH's cautious stance intact.
  • MPC comments dialed in on CPI as the core determinant of policy rates over HUF valuation, with the 1w deposit rate expected to stay at 0.75% for the foreseeable future.
  • ECB minutes in focus today.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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