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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
- The deterioration in the Ukraine crisis has left CEE currencies vulnerable in the past two weeks, with HUF falling to a record low against the EUR; EURHUF broke above the 372 level this morning.
- As the significant depreciation in the forint keeps supporting inflation expectations, NBH may start to act via the 1-week depo rate facility in the near term.
- Hungary continues to receive tens of thousands of refugees from Ukraine after Prime Minister Viktor Orban last week exempted arrivals from the neighboring country from its notoriously strict asylum procedures (BBG).
- Almost 78,000 Ukrainians crossed in Hungary since Russia invaded Ukraine on Feb. 24, according Hungarian police data as of 4 p.m. CET on Feb. 27 (BBG).
- Selling pressure on equities has also been elevated in the past week, with the BUX index approaching its ST support at 41,193.74, which corresponds to the 61.8% Fibo retracement of the 31,897.50 – 56,233.20 range. A break below that level would open the door for a move down to 40,000 (Dec 2020 lows).
- ST Hungary yields have been retracing sharply higher in the past week, breaking above the 5% level and approaching the 5.20% resistance; next level to watch on the topside stands at 5.24% (Feb 2014 highs).
Source: Bloomberg
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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