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Risk Off Sentiment Pushes HUF To Record Lows (Against EUR, USD)

HUNGARY
  • The risk off sentiment triggered by the higher-than-expected US CPI print has been weighing on the forint in recent days, with HUF falling to an all-time low against the Euro and the US Dollar.
  • We previously saw that the HUF remains the most ‘undervalued’ currency among the G10/CEE world, using either a behavioral approach (BEER FX) or historical ranges.
  • For instance, the chart below shows that the NEER HUF (Broad index) is now trading nearly 25% below its LT average following the recent selloff.
  • The NBH will publish the minutes of its May meeting on June 15 (2pm CET).

Source: Bloomberg/MNI

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