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EURHUF Pares Day's Gains, Tracing Recovery in Risk Sentiment

EURHUF has pared earlier gains and is now trading close to flat on the day, tracing the recovery in risk sentiment, as evidenced by the bounce off morning lows for the e-mini S&P. The cross saw initial support from this morning's comments from Orban, who stressed his view for a notable pullback in inflation by year-end.
  • Recent ranges have been respected, but the bias remains lower for now, with clearance of the 381.12 Mar 12 low signaling scope towards key support at 372.38, the Mar 1 low.
  • Worth noting that today marks the deadline for Hungary to present legislative changes to the EU, which is one step toward unlocking monies frozen over cohesion and rule-of-law concerns. "I trust that we'll approve the draft legislation in the coming week, and I also trust that those changes will be in line with the [European] Commission's expectations," Minister Navracsics said last week.

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