Market expectations of a first cut shift to December/January “First thing this morning there is a local conference in Budapest where the finance minister, who according to newspaper rumours is expected to become the next central bank governor, the minister for economy and the deputy governor of the National Bank of Hungary are all expected to speak.
In line with expectations, we expect the rate to remain unchanged at 50%. September inflation numbers surprised to the upside and the market is expecting an additional dose of hawkishness. Market expectations of a first cut are shifting from October/November to December/January, which is showing up in the forward pricing.” “However, the spot TRY market remains on the same trajectory, which is the main reason we prefer spot over forwards at the moment, collecting high carry.
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