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EURHUF Resumes Trading With Upward Bias

  • EURHUF begins the session on the front foot again having closed 1.15% higher yesterday. The cross is approaching next noted resistance at 380.80, the Jul 11 high, putting the Forint close to the bottom of the EM leaderboard.
  • The Hungarian government is "trying to cooperate with the incumbent Democrat administration of the United States as an ally, in a pragmatic way," the head of the Prime Minister's Office said as per MTI in Washington DC late on Wednesday. However, he added that the Hungarian endeavours were "not always met with openness" and suggested that in case of a "political change" in the US, bilateral ties "could improve a lot" under a conservative US administration.
  • Two MEPs of the ruling Fidesz said that they would continue to stand up for Hungary's utility price caps scheme, after a vote of the European Parliament's Committee on Industry, Research and Energy voted to support the EC's revised electricity market reform proposal in Brussels on Wednesday.
  • There are no major data releases scheduled for today.

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