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US EURODLR FUTURES

Post-LIBOR Settle Update

SWITZERLAND

CHF LIBOR FIX - 02-12-2021

EUROZONE

EUR LIBOR FIX - 02-12-2021

JAPAN

JPY LIBOR FIX - 02-12-2021

UK

GBP LIBOR FIX - 02-12-2021

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  • The NBH opened the door to larger interest-rate increases days after a decision to keep to a slower pace of monetary tightening amid accelerating price-growth prompted investors to sell the forint (BBG).
  • We saw that selling pressure on HUF has remained elevated following the NBH decision to hike by 15bps last week.
  • A weak HUF would support inflation expectations in the medium term, which NBH Governor Gyorgy Matolcsy called a 'public enemy'.
  • A 30bps hike could have eased the volatility on the long end of the interest rate curve and benefit the forint in the short term.
  • HUF is one of the weakest FX performers among the EM world in recent weeks, down 5.5% against the USD and 4.3% against the Euro since the start of September (see chart).
  • Last week, we saw that economic sentiment moved back to positive territory for the first time since 2019.

Source: Bloomberg/MNI