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EURHUF Extends This Week’s Losses

HUF

EURHUF has dipped lower in recent trade. The cross had been trading flat prior to the move amid narrow ranges across G10 FX but is now down 0.20% at typing. The latest move does not appear to be headline driven, while the dollar and major equity indices are also little changed. EURHUF has now shed ~1.2% this week, with the local currency outperforming its CE3 peers on the day (PLNHUF: -0.85%; CZKHUF: -0.15%).

  • EURHUF breached support at the 50-day EMA yesterday. The average intersects today at 385.57, and a more sustained break of this level would expose 382.63, the Sep 15 low, and potentially 378.24, the Aug 30 low.

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