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EURHUF Looks Set to Close Above 380.00 Following NBH Decision

HUF
EURHUF is operating close to the day’s highs as we approach the end of the European session. The cross had tested its intraday lows immediately following the 75bp rate cut by the NBH, but price since recovered, reaching as high as 381.08. The cross now looks set to close above the 380.00 handle for the first time since Nov 02, as well as above the 20-day EMA close to that level. This could undermine the recent bearish theme and signal scope for a move higher toward 386.29, the Oct 25 high.
  • Overall, the NBH rate decision and policy statement fell in-line with expectations. The 75bp decision itself matched the overwhelming consensus among sell-side, while the policy statement unsurprisingly maintained its cautious tone. Our full review of the decision, with sell-side analyst views, will be released tomorrow.
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