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EUR/HUF Marches Lower as Bearish MA Crossover Fuels Downside Bias

HUNGARY
  • Bear steepening in local rates continues with 20Y yields leading the way higher.
  • Resistance band at 2.54 - 2.56 may slow selling activity in the short term.
  • 10Y looking to break above 2.00 decisively, targeting 2.05. 3Y also approaching 1.00.
  • EUR/HUF opens lower, moving through 358 support.
  • Extremely quiet local scene leaves the cross focused on data prints & EUR-side developments.
  • Bearish short-term MA crossover with the 50dma moving through the 100dma, supporting downside momentum.
  • 61.8% fib holding at 357.76 in line with yesterday's low, 76.4% at 356.00, 200dma at 355.22.
  • 1w deposit rate expected to be kept at 0.75% in line with NBH's more cautious stance.
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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