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Forint Performing In-Line With Regional Peers Amid European Data Releases

HUF

A rebound in the single currency following the generally stronger-than-expected final European PMI figures has supported the euro-proxies Tuesday morning. EURHUF is trading slightly in the red at typing having risen to as high as 380.99 earlier in the session, and is currently performing in line with both PLN and CZK.

  • Price fell short of the 50-day EMA at 381.27 – an average which limited gains last week. Downside support remains some way off at 373.98, the 76.4% retracement of the Jun 12 - Aug 3 bull leg.
  • There are a number of domestic data releases coming up later in the week. CPI data on Friday is the highlight, where a further moderation in the headline rate, from +9.9% y/y in October to +8.0% in November, is expected.

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