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EURHUF Trading Close to 390 Handle

HUF

EURHUF is close to flat at typing, just below the 390.00 handle. While the 391.64, the Aug 21 high, has been pierced earlier this month, a sustained break of this level would open 394.67, the Aug 3 high and a key resistance. Support at the 50-day EMA remains intact - intersecting today at 383.48.

  • The forint is slightly underperforming its CE3 peers this morning (PLNHUF: +0.40%; CZKHUF: +0.15%) and is overall one of the weakest currencies in the EMEA FX space.
  • Focus will turn to the NBH rate decision tomorrow after remarks from central bankers and government officials last week pointed towards faster rate cuts.

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