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Forint Begins the Week on Firm Footing Alongside PLN Bid

HUF
EURHUF has traded lower this morning, following moves in EURPLN amid the positive sentiment in Polish assets following Sunday’s exit polls which suggest that the pro-EU opposition may be able to form a government.
  • The EURHUF cross is down 0.40% at typing, through Friday’s lows but still above support at 385.72 – the 50-day EMA. The forint lags only the Polish zloty in the EMEA FX space so far today. Notably, PLNHUF rose to as high as 87.21 at the beginning of the session – its highest level since early August.
  • Outside of regional factors in CEE, HUF has been performing resiliently amid persistent rhetoric from NBH officials who have stressed that actions at upcoming rate setting meetings will be made in a data-dependent, cautious manner. Should conditions facilitate continued large-scale cuts instead, erosion of Hungary’s favourable rate differential may begin to limit HUF gains.
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