National Bank of Hungary
U.S. Dollar and Equities Outperforming Other Financial Markets
May 26, 2026
In overnight trading following the extended U.S. Memorial Day holiday weekend, the dollar strengthened 0.8% against the Indonesian rupiah, 0.5% vis-a-vis the kiwi, 0.3% relative to sterling, the Mexican peso and Swiss franc, and 0.2% versus the yen and euro. Advances so far in the Russell 2000, Nasdaq and S&P 500 amount to 1.7%, 1.3% […] More
A Fresh Upturn in Global Energy Prices as Trump is Said to Turn Down Iran’s Latest Deal Offer
April 28, 2026
The price West Texas Intermediate oil, now at $100.17 per barrel, is almost 4% above Monday’s closing level. Iran’s proposal, which addressed reopening the Strait of Hormuz but defers discussion of its nuclear development, never realistically had much chance of gaining Trump’s favor. The U.S. position has conditioned any reopening of the Strait on steps […] More
Attention Shared by Central Bank Decisions & Year-end Data Deluge
December 17, 2025
The dollar rose overnight, led by gains of 0.5% against yen and sterling. The U.S. currency also appreciated 0.2% against the Australian currency and Mexican peso and 0.1% relative to the Swiss franc, euro, kiwi and won. Gold is 0.7% stronger, whereas Bitcoin has softened 0.4%. The price of gold bounced up 1.5%. Ten-year sovereign […] More
Guarded Confidence in Financial Community
October 21, 2025
Investors are looking ahead with a modicum of hope. Specific events of special interest in the near term are the rare earths trade deal between Australia and the United States, Friday’s delayed release of U.S. September consumer price data, trade talks this week in Malaysia between Treasury Secretary Bessent and China’s Deputy Premier that are […] More
Dollar Up In Spite of Trump’s Interference in Monetary Policy
August 27, 2025
President Trump, who has been outspoken in demanding that the Federal Reserve cut its short-term interest rate substantially, is pursuing legal channels to fire Reserve Governor Lisa Cook. Market watchers have been surprised at how little this potentially huge policy change has impacted the dollar or equities, and that disconnection is being seen as a […] More
Pausing While Watching Middle East and Awaiting Second Round of Powell Testimony
June 25, 2025
A fragile truce in the Iran-Israeli military conflict is mostly holding. Today is day two of a three-day NATO summit in The Hague. Agreement on a sharp increase in defense spending heads the agenda. In the wake of Middle Eastern developments over the past week, U.S. President Trump’s reception has been unexpectedly positive from what […] More
Higher Long-Term Interest Rates But Scant Changes So Far Today in Dollar or Equities
May 28, 2025
The 10-year Japanese JGB yield climbed five basis points this Wednesday back to 1.50% despite a warning from Bank of Japan Governor Ueda that volatile long-term rates carry risk. Other 10-year sovereign debt yields have risen by 3 basis points in the U.K., 2 bps in the United States, and a basis point in Germany, […] More
Mid-Tuesday Report: Canadian Liberals Hold onto Power and Another Drop in U.S. Consumer Confidence
April 29, 2025
U.S. stocks and the dollar were holding on to slight gains at the midday hour EDT. Ten-year sovereign debt yields had fallen by three basis points in the United States, Great Britain and Germany and by two bps in France, Italy and Spain. In contrast to gains yesterday, the prices of oil, gold and Bitcoin […] More
Tentative Black Sea Ceasefire, Lower-Than-Forecast British Inflation & Chancellor Reeves to Augment Spending Cuts
March 26, 2025
A tentative U.S.-brokered deal to end Black Sea combat and attacks on energy infrastructure has been announced between Ukraine and Russia, provided the U.S. reduces economic sanctions against Putin’s state. British Chancellor of the Exchequer Reeves is now delivering her Spring Economic Statement, updating forecasts and unveiling additional spending cuts. Separately, British February CPI figures […] More
A Third South Korean Central Bank Rate Cut
February 25, 2025
South Korea’s Base Rate peak of 3.5% had been maintained from January 2023 until an initial cut last October. That incremental reduction of 25 basis points was followed by another in November but not changed at this year’s first Bank of Korea policy review. But easing resumed today via a cut to 2.75% from 3.0%. […] More
