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EURHUF Briefly Records Fresh Multi-Month Low Ahead of October CPI Data

HUF

Amid unresolved EU fund matters and the pace of future NBH rate cuts uncertain, EURHUF price has been consolidating just above its recent lows. Key short-term support at 378.24, the Aug 30 low, has been pierced. A clearer break of this level would strengthen a bearish theme and open 376.78, the Jul 25 low and 373.98, the 76.4% retracement of the Jun 12 - Aug 3 bull leg. Firm resistance is marked some way off at 386.29, the Oct 25 high.

  • The most recent acceleration in greenback weakness today has lent support to EM FX. In particular, the move has seen EURHUF briefly pierce yesterday’s multi-month lows, though ranges remain relatively narrow amid few domestic drivers and major global data points of note.
  • Markets will therefore be looking ahead to tomorrow’s CPI print for greater directionality (see more here).
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