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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
- This morning, economic data showed that Hungarian PPI rose 14.8% YoY in August, up from 11.6% the previous month, the fastest pace since January 1998.•
- Yesterday, we saw that manufacturing PMI ticked slightly higher in August to 55.9, up from 55.6 the previous month. Second Q2 GDP estimate was steady at 17.9% YoY (2.7% QoQ).
- Momentum on HUF remains firm again major crosses amid hawkish NBH; traders keep chasing the monetary policy divergence.
- EURHUF fell below its 348 support this morning and is gradually approaching its ST key support at 345; a break below that level would open the door for a move down to 343 (June 2020 low). On the topside, first resistance stands at 350, followed by 354 (50D and 100DMA).
- Sell-side analysts now forecast EUHUF to trade slightly above 350 by year-end, which is significantly below the key resistance at 370 (see forecasts below).
- Hungary 10y yield has been trending higher this week (following Poland LT bond yield trend), currently trading above the key 3% level; next key resistance to watch on the topside stands at 3.22% (May 18 high). On the downside, first support stands at 2.92%, followed by 2.84% (50D and 100DMA).
Source: Bloomberg/MNI
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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