As expected, yesterday's National Bank of Hungary meeting did not bring any changes.
As expected, yesterday's National Bank of Hungary meetingdid not bring any changes. The central bank tried to send a hawkish signal but did not commit too much. Of course, the main reason is the EUR/HUF level and the volatility of the Hungarian market, ING’s FX analyst Frantisek Taborsky notes.
” “The pressure on FX, as in the rest of the Central and Eastern Europe region, is here to stay for longer in our view. So NBH will just have to wait a longer. Rate cuts are of course postponed indefinitely regardless of dovish data from the economy. We believe EUR/HUF will be drawn further towards the 410 level and possibly move higher should global markets come under pressure.” “Until then, we will likely see NBH wait until next year and do nothing.
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