EURHUF Narrows Gap to Last Week’s Highs

EURHUF has extended higher in recent trade, narrowing the gap to last Friday’s pre-NFP highs at 382.85. While higher US yields are providing a headwind to broader EM FX, the forint is a notable underperformer in the EMEA space as single currency weakness provides an additional headwind to the euro-proxy.

• As previously noted, the breach of the 50-day EMA in EURHUF last week opens 384.23, the Nov 1 high, as the next resistance level to watch.
• Also of note, PLNHUF is trading ~30pips shy of 88.58, the August 01 high, at typing. A break of this level would place the cross at its highest since December 2022. USDHUF has recorded its sixth consecutive day of gains and has now gained ~2.2% since the beginning of last week amid the broader greenback recovery.