EUR/HUF

Societe Generale analysts note EUR/HUF is trading within a base formation but continues to struggle with the 200-day moving average around 371, seen as crucial resistance.

ING’s Frantisek Taborsky highlights that Hungarian inflation rebounded to 1.3% in August but stayed below expectations and the NBH’s forecast, with price growth seen remaining under target this year.

ING’s Frantisek Taborsky highlights a busy CEE data and policy calendar, with Hungary’s inflation seen edging up, the National Bank of Poland and Central Bank of Turkey expected on hold, and Romania’s inflation falling sharply on base effects.

ING’s Peter Virovacz expects Hungarian industrial production to rebound in July, helping avoid a third-quarter GDP decline despite August headwinds from heatwave-related energy issues.

Commerzbank’s Tatha Ghose highlights a sharp Forint rally after a Bloomberg report suggested the National Bank of Hungary may pause rate cuts on 22 September and consider lowering its inflation target. While unconfirmed, this aligns with the bank’s less dovish August message.

ING economists Peter Virovacz and Zoltán Homolya see Hungary on a gradual but constrained growth path after Gross Domestic Product (GDP) rose 0.5% QoQ and 1.7% YoY in the second quarter.