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EURHUF Extends Losses Following US Data, Falls Back Below Key Resistances

HUF
  • The weaker-than-expected US ISM Services figures has led to an acceleration of downside EURHUF momentum, as the wider EM FX basket gains a tailwind amid broad greenback weakness and a dip in US yields.
  • The cross has fallen back below 384.00 and the early August/late September highs of 394.67/394.65, though the break of these key resistance levels yesterday has nevertheless strengthened bullish conditions. A resumption of gains could therefore signal scope for an extension towards the 400.00 handle.
  • CPI data is the key release of the week on Friday, where headline inflation is estimated to have edged slightly higher – from +3.8% y/y in January to +3.9% in February. Industrial production and retail sales data will cross tomorrow morning.

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