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EURHUF Extends Higher Ahead of Central Bank Decision

HUF
EURHUF seen ticking higher in recent trade ahead of the NBH rate decision this afternoon. The cross last deals at around 380.45, 0.15% firmer on the day. Note that the move higher is coinciding with a similar move in EURPLN. While EURHUF traded above the 380.00 handle yesterday, it failed to make a close above that level. That handle also matches with the 20-day EMA today – marked as initial resistance. A clear break above and toward firmer resistance at 386.29, the Oct 25 high, would undermine the recent bearish theme.
  • With a 75bp rate cut unanimously expected this afternoon following specific guidance from the Deputy Governor last week, market participants will be looking for any dovish rhetoric in the policy statement and the post-meeting presser rather than in the decision itself. See the full preview, with a summary of sell-side analyst views, here.
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