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EURHUF Rises To Highest Level Since October Ahead of NBH

HUF
  • EURHUF has fully reversed yesterday’s selloff, printing fresh weekly highs above 387.71 in recent trade. This places the cross at its highest level since October, recording an impressive 2.7% bounce off of the early January lows. 389.20, the Oct 9 2023 high, is the next resistance level to watch ahead of 390.16, a Fibonacci retracement.
  • The forint has been lagging its regional peers since last week, when Deputy Governor Virag hinted at a more dovish easing path moving forward. Indeed, Goldman Sachs noted earlier this week that “a more dovish monetary policy mix will weigh on [HUF] carry relative to 2023.”
  • Yesterday, further disharmony between government officials and the central bank was evident following comments from both over the potential replacement of BUBOR as the main reference rate for lenders.
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