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EURHUF Tests Key Resistance, Yields on HGBs Rise Over 30bps

HUF

EURHUF tested 394.67, the Aug 03 high and key resistance, earlier in the session but has since fallen back to flat. A break of this level would open $402.45, the Mar 20 high. While there is little in the way of domestic news flow, broader EM FX has been hampered by the risk-off market tone as well as the "higher for longer" theme currently dictating asset prices.

  • USDHUF has eased off of yesterday’s 6-month highs amid a broader softening of the DXY index. The pair had been trading higher for the prior 7 sessions, though sits 0.45% in the red at typing.
  • Yields on HGBs recorded a steep increase Thursday, with yields across the curve up over 30bps, extending the recent recovery from the mid-September lows.
  • Following the NBH decision on Tuesday, sell-side point to the importance of the HUF moving forward, though there is no consensus among the views that we have seen regarding the path of the base rate through the end of the year. Estimates range from a pause in October to continued 100bp cuts: https://roar-assets-auto.rbl.ms/files/55954/MNINBHRevSep23.pdf
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