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Bearish EUR/HUF Pares Thursday’s Gains

HUNGARY
  • EUR/HUF has dipped lower Friday morning to pare the majority of Thursday’s gains. The cross remains within recent ranges though targets a clear break of 368.05 – the May 16 low – which would confirm a resumption of the trend and open 366.41 – the Mar 30 2022 low – and the 360.00 handle further out.
  • Prime Minister Viktor Orban convened the Defence Council to discuss escalating conflict in the Ukraine war, MTI report. At the meeting, Orban said while a ceasefire and peace talks should be the priority, fighting has flared up in the Ukraine-Russia war during the night. "Our priority continues to be Hungary's security," he said.
  • There is little else notable domestic news flow and no major speakers or economic releases on the docket today.
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