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EURHUF Slips Into Negative Territory For The Week Ahead of NBH Decision

HUNGARY
EURHUF (-0.55%) is trading with an offered tone on Tuesday, slipping back into negative territory for the week as we approach the NBH rate decision this afternoon.
  • The forint is outperforming its regional peers (EURPLN: -0.12%; EURCZK: -0.28%), benefitting from a firmer single currency, although the most recent weakness in equities may provide a headwind for higher beta FX.
  • EURHUF is trading below both the 20- and 50-day EMAs, signaling scope for a continuation lower towards 381.12, the Mar 13 low. A clear break of this level would expose key support at 372.38, the Mar 1 low.
  • The majority of analysts expect rates to be held at 13% at today’s meeting, which will be accompanied by an updated inflation forecast. See the full MNI Preview here: https://roar-assets-auto.rbl.ms/files/52213/MNINBH...

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