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Forint Firms Amid Comments on Frozen EU Funds

The forint has firmed Tuesday morning amid comments from Hungary’s minister on EU funds, Tibor Navracsics, who said the “final, closing phase” of talks on unlocking EU financing will be held on Thursday. Nevertheless, he later commented that he doesn’t expect the funds to be unlocked right after Thursday’s meeting, but still believes a definite agreement will be reached by the end of the month.
  • EURHUF pierced the 50-day EMA for the first time since early September on the back of those comments, a bearish development which could expose 378.24, the Aug 30 low. Today’s move places the forint toward the top of the EMEA pile, though the local currency lags the Polish zloty.

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