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EURHUF Eyes 50-Day EMA Ahead of NBH Decision

HUF has firmed ahead of the NBH decision this afternoon, with EURHUF down 0.5% at typing and near the 382 level – though still within yesterday’s ranges – putting the cross within close proximity of important support at the 50-day EMA, which intersects at 381.43. A general improvement in risk sentiment is supporting EM FX, though the forint is outperforming its CE3 peers and sits second to only the South African rand at the top of the EMEA pile.
  • Elsewhere, local equities are little changed on the day while the yield curve sits slightly lower, in-line with the performance of core yields.
  • The NBH are almost certain to deliver another 100bps effective rate cut, in-line with previously offered guidance that the rate will be converged to the 13% base rate by the end of September. See our full preview of the decision here:

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