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EUR/HUF Reverses Risk-Off Spike Higher

HUNGARY
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  • The risk off moves in global markets associated with the escalation in Israel/Iran tensions initially led to a spike in EURHUF (and weakness across global EM currencies), resulting in a breach of initial resistance at 395.77, the Apr 2 high. The cross rose to a high of 395.98, though key resistance and the bull trigger at 399.75, the Mar 12 high, was left intact. As reports filtered through that the scale of the Israeli attack was likely limited in scope, EURHUF reverted lower alongside the greenback’s fade from highs.
  • Meanwhile, local news flow has been limited Friday morning. Hungary’s ruling Fidesz party is set to adopt its manifesto in preparation for the European Parliament elections on June 09, while Prime Minister Orban is scheduled to speak at campaign event this afternoon (1400BST).
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  • The risk off moves in global markets associated with the escalation in Israel/Iran tensions initially led to a spike in EURHUF (and weakness across global EM currencies), resulting in a breach of initial resistance at 395.77, the Apr 2 high. The cross rose to a high of 395.98, though key resistance and the bull trigger at 399.75, the Mar 12 high, was left intact. As reports filtered through that the scale of the Israeli attack was likely limited in scope, EURHUF reverted lower alongside the greenback’s fade from highs.
  • Meanwhile, local news flow has been limited Friday morning. Hungary’s ruling Fidesz party is set to adopt its manifesto in preparation for the European Parliament elections on June 09, while Prime Minister Orban is scheduled to speak at campaign event this afternoon (1400BST).