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EURHUF Trades Near 380.00 Handle and Post-CPI Highs

HUF
EURHUF is trading near the 380.00 handle, with last Friday’s post-inflation highs seen slightly further out at 380.50. Despite today’s slight move higher, the forint is outperforming its CE3 peers at the margins (PLNHUF: -0.29%; CZKHUF: -0.08%) as single currency weakness weighs on the euro proxies.
  • Note that with US markets closed for the Martin Luther King Day public holiday and the local data slate thin, short-term drivers behind EURHUF price action may be far and few between to begin the week.
  • PLNHUF has continued to ease further below the 50-DMA (which intersects today at 87.32) amid relative PLN underperformance after Statistics Poland revised December CPI to +6.2% Y/Y from the flash reading of +6.1%. The cross closed below that average for the first time since October last week. While CZKHUF is little changed on the day, it remains within close proximity to June’s multi-month lows at ~15.3000.

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