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Forint Pressured by Greenback Strength

HUF
  • The continued move lower in EURUSD has pressured HUF, which had been performing as one of the best currencies in the emerging markets space ahead of the NY crossover. The EURHUF cross has pared losses from earlier in the session and now trades 0.45% in the green as the move higher in USD pressures EM FX more broadly, with HUF seen performing mixed among its CE3 peers (PLNHUF: -0.25%; CZKHUF: +0.40%). Notably, USDHUF sits 0.95% higher, though remains off last week’s cycle highs.
  • While inflation data crossed slightly lower than the median estimate of the Bloomberg survey earlier today (17.6% y/y vs. 17.7% expected), it is unlikely to alter the NBH’s plans for monthly 100bp cuts at upcoming meetings which means the performance of HUF will continue to be a function of the global picture going forward. Sell-side desks have noted as such, with attention turning to the US inflation print on Thursday.
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