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EURHUF Close to Intraday Lows Though Ranges Narrow

HUF
  • The forint sits close to the top of the EMEA FX pile, with EURHUF seen approaching its intraday lows at typing, though the cross has operated within a relatively narrow range amid few domestic catalysts. The muted price action mirrors that of broader G10 and EM FX, which has generally seen little follow-through in today's moves.
  • Trend conditions in EURHUF remain bullish with the recent pullback deemed corrective. The 20- and 50-day EMAs, intersecting at ~385.00 and ~382.00 respectively, represent the important support levels to watch. On the upside, a resumption of gains would refocus attention on 394.67, the Aug 3 high.
  • HGBs are following the trend seen across global FI, with the curve seen bear steepening. Yields on 10Ys last deal 15bps higher and are approaching highs printed earlier this month. Meanwhile, the Budapest Stock Index sits 0.75% higher – slightly outperforming the counterparts of its CE3 peers.
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