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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessWeak HUF and Positive Inflation Surprise Increase Odds For A New Hike in 1W Depo Rate
- Yesterday, economic data showed that CPI inflation accelerated to 9.5% in April (vs. 8.9% exp.), its highest level since June 2001, up from 8.5% the previous month.
- HUF remains weak following the inflation print, with EURHUF trading around the 380 level.
- ST support to watch on the downside stands at 376.30 (50DMA).
- On the topside, resistance to watch stands at 384.70.
- We have seen recently that a strong ‘positive’ surprise in inflation combined with a ‘weak’ HUF could push the NBH to act via its 1W depo rate facility in the short term.
- A few analysts are currently expecting the 1W depo rate to remain steady at 6.45%; however, odds for a 15bp to 30bps hike on Thursday are non-negligible.
- The NBH will publish the central bank’s minutes of the April meeting (2pm CET).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.