Free Trial

EURHUF Trades Higher Amid Orban Comments Ahead of NBH

HUNGARY
Comments from Prime Minister Orban has spurred EUR/HUF higher, with Orban reiterating his stance on EU-Russian sanctions and sending arms to Ukraine. Orban also said that Hungary is not part of the ‘mainstream’ EU approach on Ukraine, and that Ukraine can not win its war against Russia. Price action sees HUF among the weakest currency performers in the EM space.
  • The comments precede the NBH rate decision this afternoon, with consensus calling for an unchanged base rate but a cut to the effective rate of 18% (See our full preview here: https://roar-assets-auto.rbl.ms/files/53036/MNINBH...)
  • EUR/HUF has traded through the 50-day EMA which intersects today at 376.52, exposing 380.29, the Apr 20 high and a key resistance. A clear break of this level would suggest scope for a stronger recovery. Nevertheless, the primary technical trend direction remains down and a breach of 368.05, the May 16 low, would confirm a resumption of the trend and re-open 366.41, the Mar 30 2022 low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.