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EURHUF Extends Thursday’s Rally

HUNGARY
  • EURHUF trades in the green again today after yesterday’s sizeable 0.45% rally despite having pierced key resistance and the bull trigger at 369.47 – the Apr 18 low – on Wednesday, opening March 2022 lows further out. Resistance levels to watch are marked at the 20- and 50-day EMAs at 373.53 and 377.74 respectively.
  • There is little in the way of notable domestic news this morning, with an empty data docket until next Tuesday’s GDP data also. Focus remains on the possible next steps for NBH policy, with consensus forming around a cut to the effective rate of 18% at either the May or June meeting, as well as further news on the disbursement of EU cohesion funds. Note the head of the Prime Minister's Office said yesterday that the funds could be accessed “within weeks”.

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