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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, Hungarian teachers strike for the first time since 2016, stopping work for two hours to protest low wages ahead of general elections in April (BBG).
- Economic data showed that PPI inflation accelerated to 22.3% in December, its highest level since February 1997, up from 21.6% the previous month.
- Last week, NBH decided to raise its 1W depo rate by 30bps to 4.3% (as expected).
- This move followed this week's decision to hike the 'core' policy rate by 50bps to 2.9%.
- Based on Barnabas Virag press conference, the NBH will now proceed with monthly hikes in the 1W depo rate and is likely to hike by another 30bps in February and March, which would levitate the effective policy rate to 4.9% in Q1.
- However, the NBH could once again act via the 1-week facility if the HUF remains weak under the current environment.
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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