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EURHUF Testing 38.2% Fibo Support

HUNGARY
  • The ease in risk aversion in recent weeks has been supporting the forint, with EURHUF currently testing the 392.25 level, which corresponds to the 38.2% Fibo retracement of the 352.40 – 416.90 range.
  • Next key level to watch on the downside stands at 390 (100DMA).
  • Last week, the NBH decided to keep its 1W depo rate steady at 10.75% (as expected).
  • Hungary’s outlook was revised to negative by S&P as external risks, reduced gas flows and delays in EU funds could continue to weigh significantly on the economic activity.
  • The chart below also shows that the sharp tightening in financial conditions has been pricing in a sharp slowdown in H2.

Source: Bloomberg/MNI

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  • The ease in risk aversion in recent weeks has been supporting the forint, with EURHUF currently testing the 392.25 level, which corresponds to the 38.2% Fibo retracement of the 352.40 – 416.90 range.
  • Next key level to watch on the downside stands at 390 (100DMA).
  • Last week, the NBH decided to keep its 1W depo rate steady at 10.75% (as expected).
  • Hungary’s outlook was revised to negative by S&P as external risks, reduced gas flows and delays in EU funds could continue to weigh significantly on the economic activity.
  • The chart below also shows that the sharp tightening in financial conditions has been pricing in a sharp slowdown in H2.

Source: Bloomberg/MNI