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Forint Remains Among Top EMEA Performance Amid Slightly Firmer Single Currency

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The forint remains among the top performers in the EMEA space as we approach the end of European trade. EURHUF is around 0.15% in the red at typing and within relatively close proximity to multi-month lows printed earlier in the session. The local currency has been resilient to the recovery off post-NFP lows in UST yields, with a slightly firmer single currency and major equity benchmarks likely the key drivers behind HUF strength.

  • As previously mentioned, immediate support is marked at 378.24, the Aug 30 low. While this level has been recently pierced, a more sustained break would signal scope for a move lower toward 376.78, the Jul 25 low, as well as 373.98, the 76.4% retracement of the Jun 12 - Aug 3 bull leg.
  • Yields on HGBs are following the direction of core FI, though are down 16-20bps across the curve – more than in Hungary’s regional peers’ counterparts. The Budapest Stock index, on the other hand, firmed just 0.11% on Monday, lagging major benchmarks.
  • Looking ahead, industrial production, retail sales, trade balance and CPI data are all scheduled for release later in the week.
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The forint remains among the top performers in the EMEA space as we approach the end of European trade. EURHUF is around 0.15% in the red at typing and within relatively close proximity to multi-month lows printed earlier in the session. The local currency has been resilient to the recovery off post-NFP lows in UST yields, with a slightly firmer single currency and major equity benchmarks likely the key drivers behind HUF strength.

  • As previously mentioned, immediate support is marked at 378.24, the Aug 30 low. While this level has been recently pierced, a more sustained break would signal scope for a move lower toward 376.78, the Jul 25 low, as well as 373.98, the 76.4% retracement of the Jun 12 - Aug 3 bull leg.
  • Yields on HGBs are following the direction of core FI, though are down 16-20bps across the curve – more than in Hungary’s regional peers’ counterparts. The Budapest Stock index, on the other hand, firmed just 0.11% on Monday, lagging major benchmarks.
  • Looking ahead, industrial production, retail sales, trade balance and CPI data are all scheduled for release later in the week.