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EURHUF Pares Earlier Losses Post-ECB

HUNGARY

EURHUF (+0.15%) has ticked higher and is now in the green after the ECB opted for a 50bps rate hike amid outside expectations of a smaller 25bps hike. The cross continues to trade above the 50-day EMA - at 387.98 - and a continuation higher would open 404.35, the Jan 3 high.

  • On the downside, key support and the bear trigger has been defined at 372.38, the Mar 1 low. Initial firm support is at 384.45, the 20-day EMA.
  • In equities, the Budapest Stock Index (-1.60%) underperforms its regional peers, led by the 3% decline in OTP Bank. Domestic yields trade close to flat on the day.

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