MNI BRIEF: Canada Warns Of Pain To U.S. From Trump Tariffs

MNI: FED TO GRADUALLY MOVE TOWARD NEUTRAL OVER TIME -MINUTES

MNI BRIEF: EC Sees Slight 2025 Euro Fiscal Contraction

MNI China Daily Summary: Tuesday, November 26

MNI BRIEF: China Supports Globalisation Despite Turbulence

MNI: PBOC Net Injects CNY11.0 Bln via OMO Tuesday

EZ/UK T-Bill Calendar: Greece, Italy Auction on Wedesday

EZ/UK Bond Supply Calendar: Italy, Finland Auction on Thursday

MNI: US OCT NEW HOME SALES -17.3% TO 0.610M SAAR

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Risk-On Sentiment Drives USD/HUF Lower Again Thursday

HUNGARY
Global risk-on sentiment has driven USDHUF lower again Thursday, with the bid in HUF and other major EM currencies against the dollar being supported by the continued move higher in US and European equity indices. The pair last deals 0.33% lower and is approaching 14-month lows at 335.62 – the June 22 low. This week’s move– which was buoyed by yesterday’s soft US CPI data – puts the pair a notable 6% off last week’s highs.
  • EURHUF has seen a more muted move and sits 0.05% higher on the day following four consecutive closes lower, despite strong performance of the single currency supporting HUF’s CE3 peers. Overall, HUF lags the majority of major EM currencies. Given the outsized market reaction to CPI yesterday, PPI comes into focus ahead as markets look for similar clues of slowing inflation pressures. June PPI is expected to slow to 0.4% on a Y/Y basis, and down to 2.6% ex-food and energy.
  • Hungary’s local bonds trade richer with yields roughly ~10bps lower across the curve, extending the cyclical move lower from July 7 highs.
  • HUF price action is likely to be a function of the global picture going forward. The domestic calendar is empty until the NBH rate decision on July 25 while the interest rate path is well-projected until late September.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

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.