March 21, 2024 09:55 GMT
Forint Settles Close to Post-Fed Highs, CHF/HUF Matches YTD Low
HUF
- While the partial recovery in the greenback has hindered the rally in EM FX following the Fed yesterday, HUF stands out as a notable underperformer within the EMEA region today, despite EUR/HUF a mere 0.08% in the green and operating relatively close to Wednesday’s lows.
- CHF/HUF matched January’s YTD low of 402.780 following the SNB’s unexpected rate cut today - with the cross recording an impressive 3.4% pullback off the March highs - before recovering slightly off that level.
- Meanwhile, forint outperformance was evident against the Japanese yen yesterday, with HUF/JPY briefly piercing 42.00 following the Fed rate decision in spite of moderate JPY strength in G10 overall. Despite a 0.3% pullback today, the cross still sits above the 20-, 50- and 200-DMAs, and a substantial 3.8% above the 2024 lows.
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