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EURHUF Pierces 50-Day EMA Amid Uptick in Global Equities

The uptick in equities and moderation in US yields provided a tailwind to risk currencies, including the Hungarian forint, with EURHUF seen piercing both its lows printed earlier in the session and key support at 381.40 – the 50-day EMA. The cross is down 0.60% at typing having recorded its lowest level in 1-month, with the forint outperforming its EMEA peers (PLNHUF: -0.60%; CZKHUF: -0.40%).
  • While the NBH offered little in the way of forward guidance in their policy statement, Deputy Governor Virag said in his post-decision presser that some market expectations of monetary policy beyond September are “excessive”. Additionally, he said policy must be simplified going forward. There were otherwise no surprises in the NBH statement and decision to trim the one-day deposit rate, thus EURHUF was little changed immediately on release.

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