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EURHUF Pares Earlier Gains; Trades 1.5% Higher On The Week

HUNGARY
After paring earlier gains, EURHUF now trades 0.30% in the red as the notable Euro strength following the stronger-than-expected German CPI continues to lend support to euro-proxies.
  • The pair has fallen 1.5% on the week, continuing to retrace the significant advance seen during the episode of US/European banking distress in prior weeks.
  • The current bear leg has resulted in a move below both the 20- and 50-day EMAs. Note too that 381.12, the Mar 13 low, has been cleared, signalling scope for weakness towards they key support which resides at 372.38, the Mar 1 low.
  • While the hawkish hold by the NBH cements HUF’s attractiveness from a carry perspective, Eurozone data will be carefully scrutinised in determining the likely impact for ECB policy ahead.
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