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EURHUF Remains Just Shy of 390.00 Ahead of This Week’s NBH Meeting

HUF

While EURHUF operates little changed on the day at typing, the cross had briefly reached a high of 389.66 earlier in the session and remains close to last week’s highs overall. The 390.00 handle has been intact since late January, with 390.49, the Jan 31 high, key resistance to watch.

  • Separately, PLNHUF reached a fresh cycle high of 90.44 earlier today, which is also a new all-time high. Meanwhile, CZKHUF has extended the bounce off last week’s ~20 month lows to around 0.8%.
  • Given the risks which warranted caution at the last MPC meeting have largely subsided, softer-than-expected inflation and GDP data are likely to facilitate a step-up in the NBH’s easing pace to 100bps at tomorrow's meeting. Nevertheless, the threat to FX stability of a more dovish policy mix poses downside risks. Our full preview for the decision, with sell-side analyst views, will be released later today.
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