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EURHUF Returns to Flat Amid Broader Pressure on EMFX

HUF
Despite slipping to two-week lows earlier in the session, EURHUF now trades close to unchanged, as broader moves in EMFX moderately weigh on the Forint. Initial price action saw HUF at the top of the EM leaderboard, largely shrugging off any potential headwind from the weaker-than-expected China growth data overnight, however now sits mixed among its peers.
  • As previously mentioned, the Forint is likely to be driven by wider market sentiment owing to an empty domestic data docket this week. The resilience in major equity indices may be limiting any further losses in risk-tied currencies, with the China GDP data so far doing little to disrupt the most recent strengthening observed in HUF.
  • Previously noted EURHUF technical levels remain in play. The cross is trading below the 50-day EMA, threatening the overall bullish theme, which may provide scope for a move to 367.59, the Jun 12 low.
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