In a recent column, we addressed the question of recent sharp depreciation of the Hungarian forint exchange rate, asking if the central bank (MNB) might have to intervene as an emergency.
In a recent column, we addressed the question of recent sharp depreciation of the Hungarian forint exchange rate, asking if the central bank might have to intervene as an emergency. The Hungarian forint’s depreciation is accelerating, even versus a weak euro; and the underperformance versus eastern European peers is widening further , Commerzbank’s FX analyst Tatha Ghose notes. Weak euro environment is bad for high-beta FX in the region “There is not much to add fundamentally at this point.
Idiosyncratically, it does not help that the country’s leader Viktor Orban has been in the media a lot recently with his high-profile geo-political meetings, which are connected with the very issue hitting the euro – the regional security situation – and his stance is deviant from the central EU position.” “Nevertheless, from our perspective, the central bank’s possible reaction function is of interest. MNB has paused cutting rates and switched to more hawkish language.
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