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EURHUF Pierces Above 50-Day EMA and 381.00

HUF
  • At typing, EURHUF is trading above the 381.00 handle, above resistance at the 50-day EMA. This is the first time the cross has traded above that average since Jan 02. A firm break of this level could expose the mid-December highs further out at 385.77.
  • Though 100bp moves have been considered at previous central bank meetings, Virag’s comments today offer a much stronger suggestion that the pace of rate cuts will be increased from the previous 75bp moves – which sell-side consensus had been leaning to again as the next likely step. The NBH meet next on Jan 30.

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