The Hungarian forint lacked domestic
impetus when the Minutes of the NBH failed
to provide any surprises and returned back
above the technical barrier at 265 EUR/HUF,
where the unit remained for the most of the
session. The Minutes nevertheless showed
the bank’s fears for inflationary pressures, as
11 out of 13 MPC members voted for a 50
basis points hike.
In the late afternoon the forint firmed back to
its 4-month highs, as investors were closing
their positions ahead of the weekend.
On the political front the main opposition
party Fidesz continues with demonstrations.
On Saturday the vice-chairman Zoltán
Pokorni said that Fidesz would file an appeal
at the Constitutional Court regarding the
introduction of the higher-education tuition
fees, which passed parliament last week.
Today the economic calendar is blank and
we do not await any important data this
week. We believe that after last week’s
sharp firming the forint will tend to slightly
correct back in the days ahead.
(CSOB - Investment research)