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Declining Sentiment Weighs on Forint as EURHUF Reapproaches 380.00

HUF
An extension of greenback strength through the European open, primarily triggered by a shift in risk sentiment and the break lower for European stocks, has weighed on the EM FX basket. EURHUF is trading near yesterday’s cluster of highs in the 380.00 region at typing, up 0.25% on the day.
  • Initial resistance is found slightly further out at 380.77, where the 50-day EMA intersects today. A break of this average would signal a stronger reversal of the bearish theme has dominated recently.
  • PLNHUF has continued to ease further below the 50-DMA (which intersects today at 87.35) and is now at its lowest level since mid-November, underscoring outperformance of the HUF since the start of 2024 despite its most recent weakness. While CZKHUF is 0.22% higher on an intraday basis, the cross remains within close proximity to June’s multi-month lows at ~15.3000.

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