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The Hungarian forint eased Thursday after reading dovish monetary policy meeting minutes from the National Bank of Hungary. The HUF depreciated yesterday, partly due to global risk-off sentiment and partly as a result of dovish NBH’s Minutes.
According to the Minutes from the NBH meeting held in September, the Monetary Council stands ready to further cut limits for 3-month deposits in the MNB if further loosening of monetary conditions is needed in order to hit central bank´s inflation target.
While the other regional currencies have somewhat eased, the Czech koruna has remained firm, obviously owing to speculations based on the approaching end of CNB´s commitment to defend the 27.00 EUR/CZK floor.
In this respect, it is worth noting that CNB’s governor Rusnok confirmed yesterday that the central bank would not (probably) extend its FX commitment beyond the end of the first quarter of 2017. As a matter of fact, Rusnok’s opinion has been consistent with our view that the CNB will exit from the current intervention regime during the next summer.
