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EUR/HUF Remains Contained Within Narrow Range Friday

EURHUF
EURHUF price action remains contained within a narrow 80pip range Friday with the Forint marginally outperforming its CE3 peers (PLNHUF: -0.08%; CZKHUF: -0.01%). Trend conditions remain technically bearish, despite the cross sitting ~0.5% in the green on the week, with attention still on key support at 367.59 – the June 12 low and bear trigger.
  • The domestic yield curve trades flatter, with yields on HGBs falling 3-7bps across the curve and paring gains seen yesterday following the stronger-than-expected US data. The Budapest Stock Index trades 0.31% in the red, though remains just below the cycle high and best level since Feb’21 earlier today.
  • This week’s data docket has been thin however next week we have a much busier schedule with trade balance, manufacturing PMI, industrial production, retail sales and CPI data all on the docket. Economic activity has slowed significantly in all sectors while the disinflation process has picked up pace. A continuation of these trends will bolster the NBH’s case for a continuation of gradual easing at their next policy meeting (Jul 25).
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