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EURHUF Erases This Week's Gains

HUNGARY

EURHUF continues to trade with a moderate downward bias following the US payrolls data and has fully erased this week’s earlier gains. Despite a sell-off in EURUSD on the back of the stronger-than-expected jobs report, that move has since reversed. Nevertheless, EURHUF saw only a minor uptick on the data with the cross now back to trading close to its intraday lows. Attention is on the bear trigger at 369.47, the Apr 18 low.

  • A Fitch Ratings piece said recent judicial developments have affirmed their view that disbursements of Recovery and Resilience Plan (RRP) funding are unlikely before end-3Q23. EURHUF price action remains sensitive to any developments on this front.
  • The Budapest Stock Index trades marginally in the green but underperforms its regional peers while the local yield curve has shifted higher on the day – though remains well within recent ranges.
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