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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
- Yesterday, the NBH decided to raise its effective rate (1W depo) by 75bps to 5.35% in order to ease the selling pressure on the forint.
- The deterioration in the Russia/Ukraine conflict has left HUF (and other CEE FX) vulnerable in the past week, with EURHUF rising by nearly 20 figures to reach a all-time high of 383.60 on Wednesday.
- The intervention via the 1W depo rate facility was expected following Virag’s speech this week, mentioning that ‘rate hikes’ remain the most ‘important tool’ to defend the forint.
- Selling pressure on HUF remains high this morning, with EURHUF approaching the 383 level after finding support at 380 earlier.
- Next resistance to watch above 383.60 stands at 384.65, which corresponds to the 161.8% Fibo projection from the 350.90 – 371.75 range.
- Support to watch on the downside stands at 380, followed by 375..
Source: Bloomberg/MNI
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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