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EURHUF Pierces 50-Day EMA as Forint Slightly Underperforms CE3 Peers

HUF
EURHUF has traded on either side of the 50-day EMA at 351.47 in recent trade. The cross matched that average to the pip yesterday, and pierced, but failed to close above, on two instances in October. A close above would therefore be a strong bullish signal and could indicate scope for a more sustained move higher toward 384.23, the Nov 1 high.
  • The cross is 0.20% higher on the day despite incohesive moves across global markets – China equities traded lower while European PMIs have generally been stronger than expected, lending support to the major European benchmarks. That places the HUF toward the bottom of the EMEA FX pile overall, with this morning’s slightly stronger-than-expected domestic trade surplus and manufacturing PMI figures doing little to move the needle.
  • Attention turns to the presentation of Hungary’s financing plan for next year at 0900GMT/1000CET.

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