The primary objective of the Magyar Nemzeti Bank (MNB) is to achieve and maintain price stability. Without prejudice to its primary objective, the Magyar Nemzeti Bank preserves financial stability and supports the Government’s economic policy.
Global macroeconomic and financial market developments continue to be driven primarily by the events related to the coronavirus pandemic; however, risks associated with global reflation have been increasing recently as well. A growing number of economies have been started to reopen. The pace of the reopening has been significantly influenced by developments in the pandemic and the population’s vaccination coverage.
World trade and global industrial production are already above the levels seen before the pandemic. In the first quarter of 2021, the US economy grew compared to the previous quarter, while the Chinese economy continued to expand. The euro area’s economic performance declined in the first quarter. Nevertheless, incoming d
UPDATE 1-CEE MARKETS-Forint roller-coasters as central bank flags proactive tightening Reuters 1 hr ago By Anita Komuves (Recasts with Hungarian central bank decision) By Anita Komuves BUDAPEST, May 25 (Reuters) - The Hungarian forint initially firmed but then gave up its gains on Tuesday, after the central bank left interest rates unchanged and reiterated that it was ready to proactively tighten policy to address inflation risks. The bank said inflation was likely to be volatile in the coming months, adding that its bond purchase programme remained a crucial policy tool. The forint was down 0.26% on the day, trading at 348.50 per euro, retreating to levels seen in the morning after briefly firming past 348. The word proactive made a few forint bulls enthusiastic and that suddenly strengthened the currency but then it turned back from 347.60, a Budapest-based FX trader said. The currency was still trading at nine-month highs that it hit
Zoltan Simon and Veronika Gulyas, Bloomberg News BC-Hungary-Takes-Pole-Position-for-EUâs-First-Rate-Hike-of-2021 , Zoltan Simon and Veronika Gulyas
(Bloomberg)
Hungary moved into pole position to implement the European Unionâs first interest-rate hike since the pandemic as soaring inflation prompts policy makers to act in the blocâs east.
The nearby Czech Republic had been the EUâs most likely first mover until Hungarian central bank Deputy Governor Barnabas Virag said Monday that surging prices will be met by tighter monetary policy as soon as next month sparking gains in the forint.
The bank should consider lifting its benchmark rate in June as part of a âdata-drivenâ tightening cycle carried out in several steps, Virag told a briefing in Budapest. Even in the event of a hike, quantitative easing will continue, with the program to only be wound down gradually, he said.
EMERGING MARKETS-Fresh COVID-19 cases dent sentiment in Asia, Turkish lira surges Reuters 2 hrs ago
Popular Searches Chilean assets set to fall after election shock
By Ambar Warrick
May 17 (Reuters) - Turkey s lira recovered from near record lows on Monday, as the country lifted some COVID-19 restrictions, while gains in most other emerging market assets were capped by concerns over rising virus cases in Asia, and disappointing Chinese data.
The lira rose about 1.4% to 8.3256, leading gains across Europe, the Middle East and Africa (EMEA), after the government said it will allow movement during the day after a strict lockdown imposed nearly three weeks ago.
by Tyler Durden
Monday, May 17, 2021 - 07:58 AM
US equity futures and European stocks dipped in a quiet overnight session to start the week amid renewed concerns about rising inflation and a spike in Covid-19 cases in parts of the world. Gold briefly reached a three-month high, while oil and the dollar were little changed; 10Y TSY yields rose after dropping earlier in the session.
At 715am ET, Dow e-minis were down 125 points, or 0.36%, S&P 500 e-minis were down 17 points, or 0.39%, and Nasdaq 100 e-minis were down 46 points, or 0.34%, reversing much of Friday’s rebound.
Wall Street s main indexes rebounded on Thursday and Friday as investors picked up beaten-down stocks following a pullback earlier in the week on concerns around inflation and a possible tightening by the U.S. Federal Reserve. However, the mood reversed on Monday with travel, oil & gas and industrials the weakest sectors, while telecoms and autos were strong. Shares of Discovery jumped 12.5% in premarket tradin