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EURHUF Trades at 3-Month High; PLNHUF, CZKHUF at YTD Highs

HUF
  • The forint is a notable underperformer in the EMEA space as we approach the end of Tuesday trade. Both PLNHUF and CZKHUF have fully reversed the initial 2024 dips, with the former set to record six consecutive days of gains.
  • China’s new measures to support the economy had supported risk currencies at the start of the session, though recent HUF losses have coincided with the uptick in US yields and moderation in single currency strength following the strong US PMI figures.
  • EURHUF had already cleared key resistance and the bull trigger at $385.77, the Dec 18 high, and has now pierced above 387.38, 61.8% of the Sep 28 - Nov 14 bear leg. This opens 389.20, the Oct 9 2023 high.
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