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EURHUF Pierces Early September Highs

HUF

EURHUF has seen a slight uptick in recent trade, piercing 391.64, the Aug 21 high. As previously mentioned, a sustained break of this level would open 394.67, the Aug 3 high and a key resistance. Support at the 50-day EMA remains intact - intersecting today at 383.48.

  • The move places the forint comfortably at the bottom of the EMEA FX pile. Its regional peer, the Polish zloty, is the top performer in the space with PLNHUF up a notable 1% on the day. The cross has now fully reversed the Sep 07 sell-off.
  • Though the move in EURHUF does not have any obvious headline driver, the NBH rate decision tomorrow will be in focus with faster rate cuts potentially eyed following remarks from central bankers and government officials last week.
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