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DXY Downtick Provides EMFX Reprieve, Supportive for HUF

HUF

The recent move lower in both the USD index and core yields is providing some relief to EM FX, which had been hampered earlier today amid the broader risk-off moves in global markets. The most recent move lower in the DXY, gaining moderate momentum on the back of a weaker Philly Fed, has provided some support for the forint. As such, EURHUF trades to a fresh intraday low at 383.20 – closely matching yesterday’s low, and swinging HUF from one of the worst to one of the best EMEA currencies on the day.

  • As we have previously noted, the cross has now closed below the 50-day EMA for the past two sessions and is below that average again today, signalling scope for an extension lower toward 378.24 – the Aug 30 low – further out.
  • Markets will watch for potential headlines following a meeting between Hungarian ministers and European Commission officials regarding frozen EU funds.
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