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EURHUF Recovers Entirety of Wednesday's 1.50% Sell-Off

HUNGARY
EURHUF (+0.75%) continues to trade on the front foot and has now recovered the entirety of Wednesday’s 1.50% sell-off. The forint sits comfortably as the worst performing CEEMEA currency on Friday ahead of a scheduled sovereign rating review from Moody’s following today’s close.
  • Technical trend conditions remain bearish following the move lower on Wednesday with moving average studies in a bear-mode position. The focus is on 370.82 support, the 1.382 projection of the Oct 13 - Nov 10 - Dec 12 price swing, while initial resistance is at the 20-day EMA that intersects at 381.89.
  • While the currency extends lower, domestic bonds and equities sit higher, with yields on 10Y bonds trading approximately 14bps off of yesterday’s 1-month highs. The Budapest Stock Index trades 0.70% higher, matching the performance of its regional peers.
  • Moody’s is scheduled to review Hungary’s sovereign credit rating after trading hours today. Their rating assessment of Hungary currently stands at Baa2, the second-lowest investment grade score, with a stable outlook. In January, S&P lowered Hungary by one step to BBB-, while Fitch cut the outlook on its BBB rating to negative from stable.
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