Key events in EMEA and Latam in the coming week

Despite the recent turmoil in Turkey, the EUR/HUF is still fluctuating below the central bank’s pain threshold, which is probably above 330 in terms of raising concern about inflation. We don't expect any change in monetary policy or forward guidance at the meeting on Tuesday. The decision will come after an expected sovereign debt upgrade by S&P today. To learn more on that, please read our S&P Preview.

We expect solid industrial production figures for July (9.7%YoY) and sub-consensus retail sales numbers, i.e. 8.2%YoY. Still, we expect 3Q GDP to slow down from 5.1% to approximately 4.6%YoY - a reflection of negative statistical effects and moderating private consumption.