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EUR/HUF Returns to Flat

HUNGARY
  • EUR/HUF trades back to flat on the day, shrugging off comments from NBH Deputy Governor Virag who reiterated the Bank’s plan to keep rates ‘strict’.
  • HUF had been marginally outperforming its CE3 peers following last week’s 0.40% move lower, but now the forint sits close to the bottom of the EM pile (EUR/PLN: -0.10%; EUR/CZK: -0.18%).
  • Nevertheless, EUR/HUF remains close to 368.05, the May 16 low and bear trigger. Clearance of this level would open 366.41, the Mar 30 2022 low.

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