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EURHUF Set to Mark Longest Losing Streak Since Apr’22

HUF
EURHUF has extended its recent losses and is down 0.15% at typing ahead of the NBH rate decision. Another close lower today would mark the seventh consecutive session of losses – the longest losing streak since April 2022. The forint is outperforming its regional peers as the pullback in long-end US tsy yields from yesterday’s cycle highs extends (PLNHUF: -0.20%; CZKHUF: -0.23%). Nevertheless, a firmer DXY index may provide a headwind to EM FX gains. 378.24, the Aug 30 low, is the next support level to watch.
  • Hungary’s average gross wages rose 15.3% y/y (Est: +14.8%) in August, unchanged from July, though did little to move the needle given the proximity to the central bank decision this afternoon.
  • Among sell-side, expectations are unanimous that the scale of rate cut be reduced at today’s meeting. Of the views we have previewed, most are expecting a 75bp cut to the base rate. See our full preview here.

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