MNI China Daily Summary: Thursday, June 27

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EURHUF Edges Higher Toward Key Resistance Level at 389.26

HUF
  • EURHUF has extended Monday’s move higher, with the cross now approaching key resistance at 389.26 – the July 07 high. The day’s gains stand at 0.40% and puts HUF at the bottom of the EM pile. PLNHUF trades 0.33% in the green and has recorded a fresh 8-month high while USDHUF trades higher for the seventh consecutive session.
  • The move follows news yesterday that Hungary’s ruling party would boycott a meeting discussing Sweden’s NATO accession bid. While the decision was in-line with expectations after Prime Minister Orban’s lawmakers previously said they would reject ratification during the summer recess, firm confirmation is further evidence of the growing diplomatic tensions between Hungary and the rest of the EU.
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