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EURHUF Retraces Higher This Week Despite NBH Hike

  • EURHUF has been retracing higher this week, finding resistance slightly below the 410 level on Thursday.
  • The 100bps hike on the base rate followed by the readjustment on the 1W depo rate has not been enough to support the HUF in recent days, as the forint continues to be driven by external factors such as geopolitical uncertainty and risk aversion.
  • This morning, PM Orban mentioned on radio that all Hungarian families will continue to pay capped prices for electricity and gas to average consumption.
  • Resistance to watch on EURHUF stands at 410.
  • On the downside, key support to watch remains at 400.

Source: Bloomberg/MNI

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