Yesterday, the Hungarian forint without
significant impetuses slightly firmed. The
positive mood on the Hungarian market
stemmed mainly from comments of
Eurogroup chairman Jean-Claude Junker,
who appreciate Hungary’s efforts to cut the
budget deficit. He also said that that the new
Convergence Programme included credible
measures to consolidate public finances.
We believe that today the forint will move
sideways before ECB meeting. Markets do
not expect a rate hike on today’s meeting
but comments accompanying rate decision
will be in focus. However we expect only
limited impact on the forint, as it is widely
expected that ECB will signalize next hike
for the nearest meeting.
(CSOB - Investment research)