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EURHUF Targets Key Resistance at 50-Day EMA

HUNGARY
EURHUF (+1.50%) has extended higher amid broad weakness in the EUR and in other EM currencies more generally. The cross is through both yesterday’s high and the 20-day EMA at 372.20. Key resistance is marked at the 50-day EMA, which intersects today at 376.64. Notably, USDHUF (+2.00%) has traded to its highest level since early April - and has pierced the 50-day EMA - as greenback strength spurs the pair higher.
  • While there is no notable news flow or data release driving price action today, EU funding concerns remain a focus after yesterday's budget committee press conference flagged continued issues with implementation.
  • Markets are also looking ahead to the first potential cut to the 18% effective rate at next week’s NBH meeting. This week’s GDP data showed a third consecutive month of contraction, potentially raising bets for policy easing to begin as soon as next week, despite inflation remaining stubborn above the 20% level.
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