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Current Crisis an Opportunity to Speed Up EU Integration, Szijjarto Says

HUNGARY
  • The current crisis offers an opportunity to speed up the EU integration on the Western Balkans, a national security and economic interest of Hungary and the EU, Hungarian foreign minister Szijjarto said as cited by MTI.
  • HUF has started the session on the back foot against the EUR, though the EURHUF cross seems to be consolidating close to its recent ranges. Similar pessimism is reflected in local bonds and equities, which are seen edging lower.
  • Technical trend conditions in EURHUF remain bearish despite last week’s move to a high of 387.40. The breach of the 384.43, the Feb 3 low, has confirmed a resumption of the downtrend and opens 376.06, a 1.236 price swing projection. Below here, 370.55 marks the 76.4% Fibonacci retracement for the 2022 upleg. Initial resistance is at the 50-day EMA that intersects at 392.50. A clear break of the EMA is required to signal scope for a stronger recovery - towards 401.20, the Nov 17 high.
  • There are no major economic releases or speakers scheduled today. Following Biden’s meetings with Duda in Warsaw yesterday, the US President is set to meet with the Bucharest Nine today (representatives from Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania and Slovakia).
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