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EURHUF Reaches Highest Level Since October

HUF
  • EURHUF has broken through last week’s highs in recent trade and has reached its highest level since late-October. Price is above the 100-DMA at 383.75 – an average which the cross has not ended the session above since Nov 01 – and is 0.5% in the green at typing.
  • That places the HUF at the bottom of the EMEA FX pile (PLNHUF: +0.55%; CZKHUF: +0.30%). Next resistance to watch stands at 386.29, the Oct 25 high.
  • The move today does not appear to be headline driven, though precedes the NBH rate decision tomorrow afternoon. There, a 75bp cut is the broad consensus among sell-side, though some have noted risks of a larger cut instead given recent benign inflation developments.
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