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EURHUF Makes Corrective Pullback

HUF
EURHUF pierced the 392.00 handle in recent trade, recording a fresh intraday low in the process. The move lower is following the wider trend of major EM currencies, which are seen paring some of this week’s losses following the surge in US yields and declining appetite to risk. Nevertheless, HUF is outperforming its peers and sits at the top of the EM pile (PLNHUF: -0.10%; CZKHUF: -0.30%).
  • Technical trend conditions in EURHUF remain bullish following this week’s climb and break of resistance at 389.26, the Jul 7 high, and 394.22, the 76.4% retracement of the Mar 20 - Jun 12 low. Support to watch lies at 380.85, the 20-day EMA, though a short-term pullback would be considered corrective.
  • Yields on HGBs trade up to 6bps lower across the curve, mirroring the move in HUF as bonds find some firmer footing at the end of the week, though trade well within Thursday’s ranges.
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