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EURHUF Remains Near Daily Lows Following Virag’s Presser

HUF
  • EURHUF has returned back to the post-NBH lows following Virag’s presser. The cross is trading at around 386.70 at typing, though still some way off initial support at 382.27 – the 50-day EMA. PLNHUF, meanwhile, has returned back below the Dec 20 high of 89.06. Yesterday, that cross reached its highest since December 2022.
  • Overall, the Forint is a standout performer among EM peers on Tuesday, with the NBH surprise providing insulation from the most recent spike higher in US yields following the strong US JOLTS data and Red Sea tensions which are providing a moderate headwind to risk-sensitive currencies.
  • The Deputy Governor offered little in the way of explicit forward guidance, saying only that a 100bp move will be considered in February (though it has also been considered in previous meetings). Virag did note, however, that the 75bp decision had a “large majority”. Deteriorating risk sentiment was the primary reason behind the smaller than expected cut, he added.
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