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EURHUF Off Tuesday Lows with Attention on Possible EU Fund Headlines

HUNGARY
EURHUF trades with a slight upward bias this morning, after posting its lowest level since April 2022 Tuesday. Price action remains below previously noted support and bear trigger at 369.47, the Apr 18 low. A continuation of a move lower would open 366.41, the Mar 30 2022 low, and beyond.
  • Note the European Parliament Budgetary Control Committee will hold a briefing today at 1300BST/1400CET having concluded a visit to Budapest where members sought to assess the protective measures in place for spending EU funds, much of which is currently suspended due to concerns over corruption and the rule of law. Minister Navracsics said “We are close to an agreement” on frozen funds.
  • Positive news on fund disbursements could provide the NBH further room to begin easing the O/N deposit rate at next week’s rate setting meeting after yesterday’s GDP data showed the economy contracting for a third consecutive quarter, despite the figures beating market consensus of a larger drop.
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