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Prime Minister’s Office Criticises US Diplomatic Efforts

HUNGARY
  • MTI report that US diplomacy has not given up on efforts to pressure Hungary into taking a pro-war position, but the government maintains the view that peace is in the common interest, the head of the Prime Minister's Office Gergely Gulyas said. "This is unusual, especially unusual among allies," he said, adding that "the greatest problem" was that the US campaign "is a pro-war campaign".
  • EURHUF surged on headlines yesterday that the US was considering sanctioning Hungarian individuals. However, HUF was able to recover as details emerged that the sanctions would be limited to individuals at a particular bank - a Russia-controlled financial institution based in Budapest - and does not suggest the risk of further sanctions on Hungary.
  • Following yesterday’s inflation print, JP Morgan now see the one-week depo rate being cut in June rather than April as core CPI increased more than expected. They say excessively high core CPI momentum vindicates the NBH’s cautious stance and see the 1-day depo rate unchanged at the next meeting.
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