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EURHUF Briefly Tests Multi-Month Highs, CZKHUF Pierces 200-DMA

HUF
EURHUF briefly tested last week’s multi-month high, piercing above the Mar 05 high of 396.25 by just 4 pips. While the cross has since settled below 396.00, it remains 0.25% firmer on the day, with the forint continuing to underperform its regional peers this week. Indeed, PLNHUF has recorded another fresh record high while CZKHUF has pierced above the 200-DMA (an average which provided firm resistance in late January). Attention turns to the US inflation report this afternoon as the key global risk event.
  • For EURHUF, the breach of resistance at 394.67, the Aug 03 2023 high, has strengthened the bullish theme and signals scope for a climb towards the 400.00 handle. On the downside, support to watch lies at 390.49, the Jan 30 high and a recent breakout level.
  • The release of the NBH’s February meeting minutes provides the highlight domestically tomorrow afternoon. Deputy Governor Virag said that the decision was backed by a large majority of the Monetary Council, suggesting dissenting views for the second meeting in a row. In January, the MPC voted 7-2 in favour of a 75bp cut (with Zoltán Kovács and Mihály Patai the hawkish dissenters).
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