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EUR/HUF Partially Retraces Thursday's Move Lower

HUF
EURHUF (+0.28%) has traded slightly higher since the start of the European session and has clawed back some of its recent losses, though price action remains within yesterday’s range. The cross pierced key support at the 50-day EMA Thursday, though has since moved back above this level. A sustained break below would undermine the recent bullish theme and highlight potential for a deeper pullback towards 373.11, the 76.4% retracement of the Jun 27 - Jul 7 rally. Nevertheless, the Forint sits mixed among its CE3 peers today (PLNHUF: -0.11%; CZKHUF: +0.25%).
  • USDHUF (+0.30%) has also traded higher this morning having printed a fresh 15-month low overnight. The pair last deals close to the 334.00 handle, with price action largely mirroring moves in the DXY.
  • HGBs trade slightly softer, putting yields 1-5bps higher across the curve and partially reversing the recent cyclical move lower from Jul 7 highs.
  • Despite mixed performance in US and European equity indices this morning, broader market conditions remain supportive to the HUF, which has gained ~2% against the EUR this week and has often been among the strongest currencies in the EM space.
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