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Central Bank Minutes Prompts Additional HUF Weakness

HUNGARY
  • Upside momentum in EURHUF picked up following the release of the NBH's January MPC meeting minutes, which showed dissenting votes for the first time since 2016.
  • The cross narrowed in on previously noted resistance at 390.49, the Jan 30 high, a clearance of which could signal scope for a move towards 394.67, the Aug 3 2023 high.
  • The forint had already been among the poorest performing currencies in the EMEA region after this morning’s GDP data stoked concerns of a weak recovery of the Hungarian economy.

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