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EUR/HUF Eyes 359.15 Support Once More; EUR/USD Upside Adds Momentum

HUNGARY
  • Sell side still optimistic about HUF in the CEE region due to the risks surrounding NBP intervention to the PLN, better carry and some seeming to believe that risk premia were not sufficiently compressed post-EU budget veto.
  • Data-light week leaves the cross exposed to global factors and this week's ECB.
  • EUR/USD notching higher this morning after an easing in $ buying should provide some support to HUF.
  • Spot pulling back to 359.15 support after seeing the failure of a flat-sided triangle pattern at this level.
  • Move through here opens up 357.70, & 356.72 support below.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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