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EURHUF Retraces Some of Tuesday’s Losses

HUNGARY
  • An uptick in EURHUF (+0.50%) sees the cross approaching the 391.00 level after holding steady at 389.00 during the APAC session following the pullback from Monday’s 402.25 high earlier this week. A continuation higher would open 404.35, the Jan 3 high. On the downside, key support and the bear trigger has been defined at 372.38, the Mar 1 low, while initial firm support is seen at 387.77, the 20-day EMA.
  • Prime Minister Orban held talks with European Council President Charles Michel on Tuesday as well as his Greek, Slovenian, Slovak and Latvian counterparts in preparation for this week's summit of EU leaders, the PM's press chief said.
  • MTI report that the government is increasing compensation to farmers fourfold to help them offset their losses due to last year's extreme drought, Agriculture Minister Istvan Nagy said on Wednesday. HUF50.6bln (EUR129.1m) will be awarded to around 22,000 farmers by March 31, he said.
  • There are no major economic releases or speakers on the docket today.
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