Frantisek Taborsky at ING highlights Hungarian inflation falling to 1.7%, below market and National Bank of Hungary (NBH) forecasts, cementing rate cuts in July and August. Markets price around 150bp of easing and a 4.50% terminal rate, with scope for additional cuts. He sees limited FX impact from rates, expecting EUR/HUF to stay in a 350–356 range while the forint benefits from summer carry demand. [...]