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EURHUF Stabilises Off Thursday Lows as Focus Shifts to US NFPs

HUF
  • EURHUF is a touch higher Friday as bullish forint momentum stalls following substantial gains against the euro over the past 2 weeks. Yesterday, the cross fell just shy of both the 100-DMA, intersecting today at 388.68, and the Apr 05 low of 388.34. A break of the latter is needed to reinstate a bearish theme and could signal scope for a sustained move lower towards the Feb 22 low of 386.39.
  • PLNHUF pierced below the 100-DMA at 89.85 on Thursday for the first time since November 2023. While we stand 0.2% in the green today, the cross still sits around 1% lower on the week overall, highlighting recent HUF outperformance compared to its regional peers.
  • Attention today will turn to the US payrolls report given the sensitivity of the HUF to swings in global risk sentiment. Looking ahead, trade balance, retail sales, industrial production and CPI data will all cross next week.

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