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Forint Partially Pares EU Fund-Inspired Gains

HUF
EURHUF dipped to as low as 385.83 – where the 50-DMA intersects – on the back of an FT report which said that Hungary could unlock EUR13bln of frozen EU funds by November. While the cross has since recovered from those lows and last deals around the 387 region, the forint still stands at the top of the EMEA FX pile.
  • Despite the latest pullback, the outlook in EURHUF remains technically bullish with support at the 50-day EMA, at 384.92, intact. However, a break of this level would be a bearish development and expose 378.24, the Aug 30 low.
  • Elsewhere, Hungary’s Finance Ministry said this morning that the budget deficit goal has been raised to 5.2% of GDP from 3.9% due to higher defence and energy costs.
  • Additionally, the NBH reaffirmed its commitment to tackling inflation amid a recent spat between central bank and government officials. Economic Development Minister Nagy said yesterday he opposes the central bank’s goal of positive real rates while Prime Minister Orban has previously said the government has had to “take over” the inflation fight from the NBH.
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