HUNGARY: EURHUF Ticks Higher Following NBH Decision
Mar-10 08:25
- The NBH hiked its 1W depo rate by 50bps to 5.85% this morning to ease the selling pressure on HUF after last week’s dramatic depreciation.
- Even though the central bank was supposed to reduce the frequency of hikes in the 1W depo rate to monthly steps, policymakers mentioned at several occasion that the NBH will not hesitate to intervene via the 1W depo facility if HUF weakens dramatically.
- Consensus was expecting a 65bps hike; however, the slight ‘improvement’ in the Russia/Ukraine conflict following Zelensky comment on NATO led to a sharp retracement in CEE currencies this week and therefore ‘ease’ the pressure on NBH policymakers to hike too aggressively.
- EURHUF is trending higher following the release as market was slightly ‘disappointed’, with the pair surging back above the 380 level following the decision.
- Next short term resistance on EURHUF stands at 385.
- However, support for the HUF (and CEE currencies) could continue if market optimism gradually 'recovers' in the near term.
- ST support to watch on the downside stands at 375.50; key level remains at 370.
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EUROZONE ISSUANCE: EU 5/30-year syndication: Books open
Feb-08 08:20
New EFSM short 5-year
- Maturity: 22 October 2026
- Size E2.2bln WNG
- Guidance MS - 21bp area
- ISIN: EU000A3K4DA4
Re-open 0.70% Jul-51 NGEU
- Maturity: 6 July 2051
- Size E4bln (MNI had expected E4-6bln)
- Guidance MS +32bp area
- ISIN: EU000A3KTGW6
For both:
- JLMs: Citi, J.P. Morgan(B&D/DM), Nordea, Société Générale and UniCredit
- Timing: Books open, today's business
From market source
MNI EXCLUSIVE: Italian politics
Feb-08 08:06
- MNI looks at the political scene in Rome as PM Draghi, set for another year in office, toughens up on ministerial checks
- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
GILTS: Opening calls
Feb-08 07:55
Gilts calls, down 11 to 120.84
