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EURHUF Trends Lower Ahead of NBH Meeting

HUNGARY
  • EURHUF continues to retrace lower in today’s trading session ahead of the NBH meeting (1am London time).
  • The pair fell below the 372 level; next support to watch on the downside stands at 370 (key level).
  • The 370 level on EURHUF represents a key level for NBH policymakers; Hungary officials could continue to act also via the 1week depo facility if EURHUF remains above that level to keep supporting the HUF and bring back the pair towards its ‘fundamental’ value.
  • Next support to watch below stands at 364.70 (100DMA).

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