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Forint Firms Amid Risk-On Tone in Global Markets

HUF
EURHUF has traded lower at the start of the session, piercing yesterday’s lows around the 387.00 handle. Global conditions are favourable to the Forint, as well as wider EM FX, as EURUSD makes a modest move higher amid a general risk-on tone ahead of the US inflation report this afternoon.
  • Additionally, a stronger-than-expected earnings report from OTP Bank, the nation’s largest commercial lender, has sent shares 3.65% higher today, buoying the benchmark Budapest Stock Index 1.55% higher and further supporting the move in HUF - which outperforms its CE3 peers (PLNHUF: -0.50%; CZKHUF: -0.45%).
  • With this week’s ranges being well-respected, previously noted EURHUF technical levels remain in play. a sustained break of 394.22, the 76.4% retracement of the Mar 20 - Jun 12 low, would reaffirm recent bullish conditions while the 20-day EMA at 384.61 marks downside support.
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