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UniCredit Say HUF Likely to Remain Exposed to Gradual Depreciation in the Medium-Term

HUF
  • UniCredit say the HUF will likely benefit in the short term from the signal that the NBH is reacting to excess FX volatility. The outcome of the European Council meeting on 1 February remains the next key event for the HUF.
  • However, the add that in the medium term, the HUF is likely to remain exposed to gradual depreciation as the erosion of positive interest-rate carry may halt the current appreciation trend in the real effective exchange rate while EU relations may continue to keep risk premiums elevated relative to the HUF’s regional peers.
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