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EURHUF Partially Reverses Some of Thursday Gains

HUF
The forint is one of the top performers in the EMEA FX space Friday morning, having been among the worst yesterday. The currency has firmed 0.30% against the euro at typing, partially paring some of yesterday’s losses seen on the back of comments from the NBH Governor which implied that further rate cuts could be coming given the expected decline in inflation. USDHUF closely matched the Sep 7 high yesterday – the highest level since March.
  • Technically, conditions in EURHUF are considered bullish. A sustained break of resistance at 391.64, the Aug 21 high, would open 394.67, the Aug 3 high and a key resistance. Support at the 50-day EMA remains intact - which intersects today at 383.10.
  • The Budapest Stock index trades 0.15% higher today having closed yesterday’s session over 3% lower. OTP Bank led the declines following comments from the finance minister who said that that the government could consider imposing higher taxes on banks. However, the index partially pared losses after the ruling party’s parliamentary leader later said that such measures are not being considered.
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