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Forint Extends Gains Following US Data

HUF
  • Having recovered from session lows through the NY crossover, EURHUF and USDHUF have both dipped lower following the weaker-than-expected US PCE data and downward revision to 2Q GDP.
  • EURHUF last deals within close proximity of the day’s lows below the 379 handle. 376.78, the July 25 low, marks the next support level to watch with the 50-day EMA having been cleared. USDHUF trades a more pronounced 0.90% lower, piercing the 50-day EMA at 348.95 once again.
  • Price action affirms the forint’s position at the top of the EMEA FX pile today, with the backdrop of the slightly more hawkish NBH comments providing an additional tailwind to the currency.

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