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Selling Pressures Rise (Again) on HUF Due To New Covid variant

HUNGARY
  • Yesterday, the NBH decided to raise the 1W deposit rate to 2.9% (vs. 2.6% exp), up from 2.50% the previous week.
  • The 1W deposit rate now stands 80bps over the policy rate (2.1%).
  • The market reacted positively to that announcement, with the HUF appreciating against all the major crosses yesterday.
  • However, the bull HUF consolidation seems to have been short-lived due to the worsening Covid outlook.
  • EURHUF retraced sharply higher this morning after finding support at 365 yesterday; resistance to watch on the topside stands at 370, followed by 372. On the downside, next support to watch below 365 stands at 361.50 (50DMA).
  • Hungary 10Y yield continues to retrace lower this morning; next key support to watch on the downside stands at 4%. On the topside, resistance to watch stands at 4.58%.
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