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EURHUF Testing 370 Key Support

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BulletEM BulletEmerging Markets
  • The NBH left its 1W depo rate steady at 6.15% (as expected) yesterday as the recent HUF strength has eased the pressure on policymakers to continue their ‘aggressive’ tightening through the 1W depo facility.
  • EURHUF has been retracing lower in the past two weeks after reaching at local high at 382.10 in the week following Orban’s victory.
  • The pair has been testing its key support at 370; a break below that level would open the door for a move down to 366.70 (100DMA).
  • The forint still trades significantly below its ‘fundamental’ value despite recent gains.

Source: Bloomberg/MNI

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  • The NBH left its 1W depo rate steady at 6.15% (as expected) yesterday as the recent HUF strength has eased the pressure on policymakers to continue their ‘aggressive’ tightening through the 1W depo facility.
  • EURHUF has been retracing lower in the past two weeks after reaching at local high at 382.10 in the week following Orban’s victory.
  • The pair has been testing its key support at 370; a break below that level would open the door for a move down to 366.70 (100DMA).
  • The forint still trades significantly below its ‘fundamental’ value despite recent gains.

Source: Bloomberg/MNI