Free Trial

PM Orban 'Very Concerned' About Vaccination Slowdown

HUNGARY
  • 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%..

To read the full story

Close

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.