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No Major Fireworks At Today's NBH, Caution to Prevail

  • EUR/HUF pares a portion of this morning's upside, triggered by $ buying pressure.
  • Focus today on the NBH meeting, which is unlikely to produce any major fireworks.
  • Broad consensus for both the key rate and 1w deposit to remain unchanged with a prevailing tone of caution surrounding inflation dynamics and HUF volatility.
  • QE and lending programmes likely to remain at current levels and be favoured over rate cuts with comments regarding keeping rates "a safe distance from zero" expected to be reiterated.
  • Spot pulled back from an early test of the 50dma at 359.42 & Res1 at 359.15. Sup1: 357.70, Sup2 & bear trigger: 356.72.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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