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Traders Continue To Take Profit on HUF

HUNGARY
  • Last week, economic data showed that Hungary May CPI came in slightly lower than expected at 5.1% (vs. 5.3% exp.), leading to more hawkish tone from NBH policymaker.
  • As a result, deputy Governor Barnabas Virag once again confirmed on Thursday that he sees the end of ultra-loose monetary policy due to sustained CPI risks and therefore thinks that the NBH needs to gradually normalize ST rates. Virag expects CPI to be higher than 4% this year (above the NBH upper tolerance band). NBH Governor György Matolcsy also mentioned that monetary tightening is necessary following CPI data.
  • Yesterday, 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.
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