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Unemployment Rate Raises To 4% in June

HUNGARY
  • The NBH raised its benchmark rate by another 30bps to 1.20% yesterday, which was slightly more than what the market was expecting (20bps according to BBG).
  • According to the statement, the NBH will continue its tightening cycle until CPI goal reached, and is planning monthly pace in rate hikes.
  • Deputy governor mentioned in a briefing that inflation will stay above NBH upper tolerance band (4%) in 2021, and that July rate hike pace will be indicative for next step.
  • The NBH now plans monthly pace in rate hikes.
  • This morning, economic data showed that unemployment rate rose to 4% in June (vs. 3.7% exp.) and up from 3.9% the previous month.
  • Next data to watch will be average gross wage and trade balance coming out on July 30.
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