The National Bank of Hungary maintained its tone during a recent meeting, with no immediate indication of rate cuts. However, the market reaction suggests a green light for potential cuts in February, especially if January inflation data supports this. A weak US dollar and hopes for progress in Ukraine may continue to support the forint, Frantisek Taborsky from ING reports.

Market anticipates potential rate cuts

“This unusual combination indicates to us that the market is essentially giving the NBH the green light for a rate cut in February.”

“For now, we can expect the weak US dollar and some hopes for progress in the Ukraine peace deal to continue to support the forint.”

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