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Forint Firms Amid General Outperformance of EM FX

HUF
  • CNH strength following this morning’s intervention news split over into wider EM FX, providing a tailwind to the forint. The EURHUF cross traded to as low as 384.31 before price action steadied heading out of the NY crossover.
  • At typing, the cross sits 0.50% lower, though still respects recent ranges as well as important support levels (the 20- and 50-day EMAs). While gains against the greenback are noted across most emerging market currencies, the forint outperforms the majority of its peers.
  • Of note, Hungary’s local yield curve has bear steepened, though yields across the curve are off their highs printed earlier in the session. Yields on 10Ys are around 9bps higher on the day, broadly in-line with the performance of its CE3 counterparts (Poland 10Y: +13bps; Czechia 10Y: +9bps).
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