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EURHUF Retraces Higher Following Approval of Legislative Changes

HUNGARY
EURHUF has retraced higher and trades at session highs above the 375.00 handle at the time of typing despite lawmakers approving legislative changes which sees Hungary more likely to unlock part of the EUR22bln package of frozen cohesion funds.
  • The parliamentary decision itself was largely expected, but nonetheless represents another positive step toward unlocking the next tranche of EU funding.
  • The news initially saw EURHUF dip lower, but following confirmation, the cross has steadily moved higher, narrowing the gap with initial resistance at 375.67 – the 20-day EMA.
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