South Africa Consumer Price Index (YoY): 5% (June) vs 4.5%

Societe Generale strategists analyze the Hungarian Forint (HUF) after the central bank of Hungary, Magyar Nemzeti Bank (MNB) cut its policy rate to 5.75% and signalled more easing. They expect a 5.0% terminal rate by year-end, noting EUR/HUF already bottomed near 348.59.