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EURHUF Continues to Trade Below 20-Day EMA

HUF
  • EURHUF has pierced both the overnight and Thursday’s lows in recent trade. The cross breached the 20-day EMA yesterday and remains below that level again today – which intersects at 384.83. A sustained move lower toward the 50-day EMA at ~381.00 is needed to reverse recent bullish conditions, with losses so far deemed technically corrective.
  • The forint stands alongside the Russian ruble and Czech koruna at the top of the EM pile today, though overall spot losses of this week stand at 0.35%.
  • With little in the way of notable domestic catalysts, HUF performance will likely continue to be a function of the global picture. US Tsy yields trade lower today while the USD Index is roughly flat – conditions which are broadly supportive of the HUF. On the other hand, the recent downtick in European equities may provide a headwind.
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