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HUF: Forint Lags Peers Despite Slight Unwind of Greenback Strength

HUF
CEEMEAEM BulletBulletEmerging Market NewsHungary

The Hungarian forint remains among the poorest performing major EM currencies following the US data (only ZAR and COP are weaker on the session vs. USD), despite a slight fade in greenback strength assisting the likes of PLN and CZK, with EURHUF currently above the immediate post-data highs.

  • Given the forint had hit a fresh multi-month high earlier today, profit taking could be at play and be explaining the currency’s slight underperformance in the second half of the session. But owing to EURHUF's sharp sell-off from the January highs, today’s relatively moderate gains will be considered corrective from a technical point of view. The post-NFP highs of 406.28 marks an immediate topside target, though firm resistance remains some way off at 408.78, the 50-day EMA.
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The Hungarian forint remains among the poorest performing major EM currencies following the US data (only ZAR and COP are weaker on the session vs. USD), despite a slight fade in greenback strength assisting the likes of PLN and CZK, with EURHUF currently above the immediate post-data highs.

  • Given the forint had hit a fresh multi-month high earlier today, profit taking could be at play and be explaining the currency’s slight underperformance in the second half of the session. But owing to EURHUF's sharp sell-off from the January highs, today’s relatively moderate gains will be considered corrective from a technical point of view. The post-NFP highs of 406.28 marks an immediate topside target, though firm resistance remains some way off at 408.78, the 50-day EMA.