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2EZ1 98.75/98.50 Put Spread Lifted


Chatter Of An Uptick In New NSW COVID Cases

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  • This morning, PM Orban in a state radio interview that he was 'very concerned' that 3mil people (about a third of the country's population), have not taken up a coronavirus vaccine, after several weeks of great progress.
  • NBH policymakers have turned more hawkish in recent weeks, with market expecting a first hike on June 22 (up to 40bps priced in for next week meeting according to sell side firms).
  • Despite NBH members recent 'hawkish' tone, there has been some aggressive selling pressure on HUF, implying that traders continue to take profit following strong momentum in April and May.
  • Yesterday, the NBH left its 1W deposit rate steady at 0.75% as expected (at its weekly policy meeting).
  • USDHUF has been retracing sharply higher in the past week, breaking above its 298 resistance (100D SMA) yesterday and currently testing its 200D SMA (299.50); next resistance to watch above that stands at 303.50.. On the downside, first support stands now at 293 (50D SMA), followed by 290.
  • Hungary 10Y yield stabilizes slightly above its 50D SMA after retracing sharply higher this week; key ST resistance on the topside stands at 3%. On the downside, first support to watch stands at 2.69% (100D SMA), followed by 2.60%..