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EURHUF Respects Resistance at 50-Day EMA, Forint Resilient to Latest Equity Weakness

HUF
The forint has swung from being one of the weakest to one of the strongest currencies in EMEA today. EURHUF had risen to as high as 381.60, briefly piercing the 50-day EMA at 381.47 in the process. However, the average continues to be well respected overall, evidenced by the most recent reversal lower.
  • An extension of single currency weakness on Friday following this week’s softer-than-expected inflation data may be assisting the most recent EURHUF weakness. The forint has shown particular resilience to the most recent downtick across the major equity benchmarks.
  • Overall, spot losses in EURHUF this week amount to ~0.5%, reaffirming the current bearish theme. Support to watch lies at 373.98, the 76.4% retracement of the Jun 12 - Aug 3 bull leg, while a close above the aforementioned resistance at the 50-day EMA is needed to signal scope for a stronger bullish retracement.
  • Looking ahead, the focus domestically lies on next Friday’s CPI release (Prior: +9.9% Y/Y).
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