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EU Commission to Recommend Freezing EU7.5bn Hungary Fund

HUNGARY

The EU comission are set to recommend freezing EU7.5bn of funds, according to Faz (via BBG).

  • The Forint coming under pressure following the above EU headline, with EURHUF spiking from around 4.06 to a high of 411.96.
  • As noted, firm resistance has been defined at 416.03, the Oct 24 high. A break would be technically bullish and suggest scope for a stronger recovery, despite the short-term outlook remaining bearish for the pair.

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