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EUR/HUF Trades Below 380.00 Ahead of Rate Decision

HUNGARY
The EUR/HUF cross has pared most of its gains from the APAC session in the last hour, bouncing off the 380.00 level ahead of the central bank meeting later today. The cross looks to test the 378.00 handle at the time of typing. While rates are unanimously expected to be held, market participants will be awaiting any potential clues of easing emergency measures which were introduced late last year.
  • Technically, focus is on 377.15 support, the Feb 14 low. A break of this bear trigger would confirm a resumption of the downtrend and open 376.06, the 1.236 projection of the Oct 13 - Nov 10 - Dec 12 price swing. The 1.382 projection lies at 370.82. Initial resistance is at the 20-day EMA that intersects at 383.84.
  • The Budapest Stock Index slipped to its lowest level since early January at the start of today’s session following yesterday’s confirmation that windfall taxes will continue to be paid by the banking, energy and pharmaceutical sectors this year.
  • Local bond yields trade 13-19bps higher across the curve, in-line with the average daily change this year and well within February’s ranges.
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