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EURHUF Pierces Last Week's Lows


EURHUF (-0.34%) has pierced last week’s lows and trades below the 379.00 handle at the time of typing as the extension in EUR gains lends support to the forint and other euro-proxies. Additionally, the surge in oil prices following the surprise OPEC+ oil production cut has stoked fears of further inflationary pressures for central banks. 372.38, the Mar 1 low, marks the key support level to watch.

  • HUF strength follows a stronger-than-expected 55.3 manufacturing PMI print (Est: 54.0), with other domestic economic releases including industrial production (Est: -1.5% y/y), retail sales (Est: -5.9% y/y) and trade balance data on the docket later this week.

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