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Selling Pressure on HUF Remains High

HUNGARY
  • On Monday, NBH policymaker Pleschinger said in an interview that NBH is now likely to raise rates once a quarter as inflationary pressures have been intensifying in recent month, which should balance CPI and GDP risks.
  • Despite NBH members recent 'hawkish' tone, there has been some aggressive selling pressure on HUF, implying that traders continue to take profit following strong momentum in April and May.
  • Today, the NBH is expected to leave its 1W deposit rate steady at 0.75% (at its weekly policy meeting).
  • USDHUF has been retracing sharply higher in the past week, breaking above its 295 resistance this morning; next resistance to watch above that stands at 297.50 (100D SMA), followed by 299.60 (200D SMA). On the downside, first support stands now at 290, followed by 283.
  • Hungary 10Y yield stabilizes slightly above its 50D SMA after retracing sharply higher this week; key ST resistance on the topside stands at 3%. On the downside, first support to watch stands at 2.68% (100D SMA), followed by 2.60%..
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