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Forint Remains CE3 Laggard, Zloty & Koruna Firm

CEE

The Hungarian Forint continues to lag its CE3 peers as a result of dovish NBH rhetoric this morning, with the Polish Zloty and Czech Koruna outperforming the Euro.

  • PLN/HUF has added 1.40 fig. breaching its 50-DMA in the process, with the rally stopping just shy of the 38.2% retracement of the Mar 20 - Apr 10 sell-off. The rate topped out at HUF81.88, the highest point since Mar 28, before easing to HUF81.75 where it sits at typing.
  • CZK/HUF has rallied off a new 10-month low printed yesterday, adding 2,896 pips thus far to last trade at HUF16.1338. The rate has failed to test its 50-DMA (HUF16.1615) as of yet as it lodged its best levels since Apr 3.
  • PLN/CZK oscillates around neutral levels after two consecutive days of gains. The rate briefly showed above its 100-DMA (CZK5.0761) and last deals at CZK5.0701, as bulls eye an attack on Mar 15 high of CZK5.1319.

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