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Forint Firms Alongside CE3 Peers

HUF

The forint has firmed alongside its EMEA peers, though gains of the local currency have slightly outpaced that of its CE3 peers (PLNHUF: -0.04%; CZKHUF: -0.23%). Local headline flow has been relatively limited so far today, while the DXY index and major equity indices are also little changed.

  • EURHUF is currently dealing in the 386.30 region, just above the 50-dma at 386.14. Firm support lies further out at 385.53 – the 50-day EMA. A break of this level would be a bearish development and expose 378.24, the Aug 30 low.
  • Looking ahead, NBH minutes are the highlight on the local docket for the remainder of the week. The global “higher-for-longer” theme currently dictating global markets will likely continue to be the key catalyst of CE3 FX, therefore, particular attention will be paid to the US CPI print on Thursday.

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