Free Trial
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
- Selling pressure on HUF has been surging again in the past two days, with EURHUF maintaining its strong momentum this morning after reaching a local low at 401.20 on Friday.
- Resistance to watch on the pair stands at 410.79 (123.6% projection of the 352.40 – 399.60 range).
- Last week, the NBH surprised the market and decided to hike its 1W depo rate by 200bps to 9.75% in order to protect the currency as a depreciating HUF keeps supporting inflation expectations.
- The central bank announced on Thursday that it will align the 1-week depo rate and the base rate at the July 12 meeting (which was supposed to be non-policy meeting).
- Economic data showed on Friday that inflation accelerated to 11.7% in June (vs. 11.5% exp.), up from 10.7% the previous month.
- Hungary’s government is “beginning to gamble” with oil supply security by insisting on maintaining the European Union’s lowest price cap, Zsolt Hernadi, the chairman and CEO of Mol, told ATV on Sunday (BBG).
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok