MAS Holds Monetary Policy Steady as Strong Growth Raises Inflation Risks 
BOJ Rate Decision in Focus as Yen Weakness and Inflation Shape Market Outlook 
China Holds Loan Prime Rates Steady in January as Market Expectations Align 
ECB’s Cipollone Backs Digital Euro as Europe Pushes for Payment System Independence 
Bank of England Expected to Hold Interest Rates at 3.75% as Inflation Remains Elevated 
Thailand Economy Faces Competitiveness Challenges as Strong Baht and U.S. Tariffs Pressure Exports 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
South Korea Vows Action to Stabilize Won as Currency Weakens Despite Strong Fundamentals 
New York Fed President John Williams Signals Rate Hold as Economy Seen Strong in 2026 
BOJ Holds Interest Rates Steady, Upgrades Growth and Inflation Outlook for Japan 
RBA Expected to Raise Interest Rates by 25 Basis Points in February, ANZ Forecast Says 
Hungary's MPC communication was more dovish than expected. Minutes hinted that inflation forecasts will likely be cut in the March Inflation Report, and that policy could be eased further. The central bank noted lower energy prices as the driver of downward forecast revision.
It is worth noting that the statement strengthened its signaling of policy easing compared with last month, and actually dropped the reference to only using QE measures. The high probability that ECB will cut rates again in March has made MNB accelerate its signaling. The current rate of 1.35% is relatively high in today's world of deflation and negative interest rates and an incremental cut will not help the economy much.
"We expect outright rate cuts by MNB later this year. But we expect MNB to first expand its QE program and only subsequently cut rates. Yesterday's meeting strengthens our view that MNB will cut rates from 1.35% to 1% by mid-year; we see EUR-HUF at 325.00 by year-end." said Commerzbank in a report.
