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EURHUF, EURPLN Both Record Fresh Daily Highs

CEE FX
  • Sustained equity weakness and greenback strength both continue to weigh on the EM FX basket, with EURHUF and EURPLN both recording fresh daily highs in recent trade (while CZK has remained more resilient).
  • EURHUF gains have accelerated through the day’s earlier high at 381.45. Price remains above the 50-day EMA at 380.76 but still some way off 384.10, the early January high.
  • EURPLN is trading above the 4.4000 handle, breaking further away from the 50-day EMA at 4.3707. This highlights a stronger short-term bull cycle and signals scope for a continuation higher near-term. The next resistance is at 4.4096, the Oct 17 low. A break of this level would open 4.4477, the 38.2% retracement of the Sep - Dec bear leg last year.
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