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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
- In the past few weeks, we have seen that the moderate to aggressive rate hikes in the CEE region to curb the elevated inflationary pressures have led to a sharp upside retracement in ST bond yields.
- Historically, we know that a sharp tightening in financial conditions has generally led to downward revision in growth expectations.
- The chart below shows that the 2Y change in Hungarian 3Y yield change has strongly led industrial production (proxy for economic activity) by 6 months.
- We saw earlier this month that industrial production fell by 1.7% in September and could continue to deteriorate in the coming months as NBH continues to tighten.
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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