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Virag Sees Disinflation Returning Early 2025

HUNGARY
  • Speaking late yesterday and following his comments on rates earlier in the session, NBH Deputy Governor Virag spoke to Portfolio, stating his expectations that CPI may exceed 4% on the year across the May - June period, and disinflation "may" return in early 2025. The comments are inline with NBH base projections, and are seen as a key factor in a slower pace of NBH easing through the halfway point of the year.
  • At the presentation and opening of the MOL complex yesterday, Orban outlined his intentions to support Hungarian businesses in expanding overseas, and pledged to introduce the most developed industries into Hungary via the new infrastructure.
  • Prelim data from the NBH shows the current account had a €1.0bln surplus over March, widening from €958mln in the prior month.
  • EUR/HUF broke and closed below the 200-dma Tuesday, the first such break since January this year, cementing the solid downtrend posted off the mid-April highs. There are no notable data points until next week's NBH decision, at which the CB are expected to trim policy rates by a further 50bps.
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