欧元/匈牙利福林:削减前的强势和有限的下行空间 - 荷兰国际集团
荷兰国际集团(ING)的弗朗蒂塞克·塔博尔斯基(Frantisek Taborsky)指出,匈牙利福林正在测试新高,因为欧元/匈牙利福林在预期的匈牙利国家银行(NBH)降息前交易接近两年低点

荷兰国际集团(ING)的弗朗蒂塞克·塔博尔斯基指出,匈牙利福林正在测试新高,因为在预期的匈牙利国家银行(NBH)降息之前,欧元/福林(EUR/HUF)接近两年低点。随着已经为2月和3月定价的两次25个基点的降息,他认为任何福林的疲软都是一个买入机会,尽管他承认降息对套利交易是负面的,并可能最终减缓欧元/福林的进一步下行。

欧元/福林在NBH放松政策前的强势

“福林在NBH降息周期重启前测试新高,受到全球风险偏好情绪对新兴市场货币的支持,同时也受到市场选举前的布局影响。欧元/福林接近两年低点,显然给了NBH降息的绿灯。同时,考虑到在接下来的几次会议中,2月和3月的两次降息已经完全定价,这表明如果央行确实实施降息,下周福林不应受到太大损害。”

“与此同时,市场一再显示出其意图,淡化欧元/福林的任何上行修正,因此我们认为福林的任何疲软都可以作为新多头头寸的机会。不过,降息对套利交易是一个负面信号,我们预计尽管在4月选举之前可能会看到更多的涨幅,但欧元/福林的进一步下行路径将会更低。”

“随着投资者继续向新兴市场注入资金,今年新兴市场货币的稳定性优于发达国家的货币。这显然有利于匈牙利福林的持续支撑趋势,即使降息在即,套利交易仍然保持有利。”

(本文由人工智能工具生成,并经过编辑审核。)

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