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EURHUF Recovers From Fresh YTD Low

HUNGARY
EURHUF (-0.20%) pierced the 370.00 handle at the beginning of the session but has since pared the majority of the day's losses. This comes despite renewed optimism across major equity benchmarks and EURUSD strength – both of which have been supportive of HUF in recent sessions. Nevertheless, the forint is performing broadly in-line with that of its CE3 peers (EURPLN: -0.30%; EURCZK: -0.10%).
  • The break of 372.38 yesterday – the Mar 1 low and bear trigger – confirms a resumption of the broader downtrend and signals scope for weakness below the 370.00 handle and a move towards 366.41, the Mar 30 2022 low.
  • Elsewhere, the firmer risk backdrop is benefitting local asset prices, with the Budapest Stock Index rising 0.50% and local yields seen roughly 4-6bps lower across the curve.
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