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EURHUF Pierces Key Resistance at 50-Day EMA

  • A Hungarian parliamentary committee cut a measure from a law that would have enabled people to anonymously report LGBTQ families to authorities, news website reports. Parliament will vote on May 23 to amend the law, which President Katalin Novak vetoed and returned to parliament last month as she said it weakened constitutional protections. The measure had been included in legislation aimed at meeting EU requirements to allow whistleblowing against corruption.
  • EUR/HUF is trading close to recent highs today following Thursday’s 1.5% rally. The cross has pierced 376.68 – the 50-day EMA and key resistance level – this morning, ahead of the NBH rate decision next Tuesday. USD/HUF, too, trades clear of the 50-day EMA and close to its highest levels since early April despite a slight downtick in the Dollar Index this morning.
  • There are no major economic releases or speaker events scheduled today.

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