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CEE FX: HUF Outperforms as NBH Expected Unchanged

CEE FX
  • CE3 currencies have recorded some moderate gains this morning, with EURHUF and EURPLN reversing some of yesterday's gains while EURCZK remains close to the 25.00 handle. Slightly firmer equities combined with USD weakness is the likely driver today, with the NBH rate decision the regional focus later this afternoon.
  • HUF is the top performer in EMEA ahead of that decision, with a pause in the Hungarian central bank’s easing cycle widely expected among sell-side analysts. The cross is trading near the 50-day EMA at typing (intersecting today at 393.69). NBH preview here: https://roar-assets-auto.rbl.ms/files/66901/MNINBHPrevAug24.pdf
  • Across global markets, Tuesday trade is headlined by August US consumer confidence stats and the Richmond Fed Manufacturing Index - although broader focus remains on the European inflation picture later in the week, with prelim German, French and Eurozone-wide CPI estimates.
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