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EURHUF Extends Post-NBH Losses

HUF
  • EURHUF continues to face downside pressure following Tuesday’s smaller-than-expected rate cut. The cross is down 0.35% on the day, last dealing just below 385.00, with the forint second to only the South Africa rand and Israeli Shekel at the top of the EMEA FX pile. Initial firm support to watch lies at 382.36, the 50-day EMA.
  • Attention will turn to the FOMC rate decision this evening as the key global risk event. Given yesterday’s unexpectedly small 75bp cut by the NBH, any pushback against 2024 market rate cut pricing could lend further support to HUF.
  • PLNHUF is trading back below the 89.00 handle having reached its highest level since December 2022 earlier in the week. Meanwhile, CZKHUF has pulled back 1.3% from Monday’s high where the 200-DMA was pierced.
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  • EURHUF continues to face downside pressure following Tuesday’s smaller-than-expected rate cut. The cross is down 0.35% on the day, last dealing just below 385.00, with the forint second to only the South Africa rand and Israeli Shekel at the top of the EMEA FX pile. Initial firm support to watch lies at 382.36, the 50-day EMA.
  • Attention will turn to the FOMC rate decision this evening as the key global risk event. Given yesterday’s unexpectedly small 75bp cut by the NBH, any pushback against 2024 market rate cut pricing could lend further support to HUF.
  • PLNHUF is trading back below the 89.00 handle having reached its highest level since December 2022 earlier in the week. Meanwhile, CZKHUF has pulled back 1.3% from Monday’s high where the 200-DMA was pierced.