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Broad USD Strength Weakens The Forint

  • EURHUF has been trending higher since yesterday, mostly driven by the broad USD strength following the higher than expected CPI print yesterday.
  • The ‘positive’ surprise cements another 75bps hike next week, which has been supporting the greenback against major currencies.
  • EURHUF found resistance at 400; a break above that level would open the door for a move up to 401.70 (500DMA).
  • On the downside, key support to watch remains at 392.30, which corresponds to the 38.2% Fibo retracecment of the 352.60 – 416.90 range.
  • European Parliament to debate if Hungary is in breach of the European Union’s foundational values. The debate comes a week before the European Commission must decide whether to recommend funding cuts over the suspected erosion of the rule of law in Hungary (BBG).

Source: Bloomberg/MNI

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