March 15, 2023 11:32 GMT
BNP Paribas Recommend Long EURHUF Trade as Forint Weakens
EURHUF (+1.65%) testing yesterday’s 396.37 high as the euro continues to weaken. A continuation higher would open 400.00 and 401.20, the Jan 17 high.
- BNP Paribas recommends initiating a long EUR versus HUF trade idea, targeting 415 with stop loss at 380, expecting the cross to rise on possible reversal in long positioning in Hungarian currency.
- “Additionally, the deadline for the implementation of the ‘super milestones’ to unlock EU funds is looming at the end of March, and we expect the headline risk to weigh on the HUF”