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EURHUF Extends Gains Through 20-Day EMA

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EURHUF has extended higher this morning amid more broad EM currency weakness. EUR/HUF is now through yesterday’s high and piercing initial resistance at 372.20, the 20-day EMA. Key resistance is seen further out at the 50-day EMA, which intersects today at 376.56.
  • EU funding concerns remain a focus after yesterday's budget committee press conference flagged continued issues with implementation (although lawmakers also noted other positive developments).
  • The firming greenback (buoyed by renewed debt ceiling hopes) is the main driver, however other idiosyncratic EM stories are adding additional pressure (China growth concerns, South African infrastructure issues/diplomatic spat with US). This led the MSCI EM FX index to shed the entirety of the early May gains and close at the lowest level since mid-March.
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EURHUF has extended higher this morning amid more broad EM currency weakness. EUR/HUF is now through yesterday’s high and piercing initial resistance at 372.20, the 20-day EMA. Key resistance is seen further out at the 50-day EMA, which intersects today at 376.56.
  • EU funding concerns remain a focus after yesterday's budget committee press conference flagged continued issues with implementation (although lawmakers also noted other positive developments).
  • The firming greenback (buoyed by renewed debt ceiling hopes) is the main driver, however other idiosyncratic EM stories are adding additional pressure (China growth concerns, South African infrastructure issues/diplomatic spat with US). This led the MSCI EM FX index to shed the entirety of the early May gains and close at the lowest level since mid-March.