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HUF: Forint Slips Alongside Peers Amid Moderate Greenback Recovery

HUF
CEEMEAEM BulletBulletEmerging Market NewsHungary

The recovery for the USD Index from its overnight lows to a new weekly high has assisted the move higher for EURHUF. The cross is trading near yesterday’s highs around the 402.00 handle at typing, with the forint underperforming the majority of the EM basket alongside the Polish zloty and Czech koruna.

  • Nonetheless, the forint is slightly outperforming the zloty despite the slight risk-off tone across markets (evidenced by slightly softer European equities), with PLNHUF 0.2% lower on the session and testing firm support at the 50-day EMA once again. Note that this average has been tested on a number of occasions over the past week, but the cross has still not closed below it since September 2024.
  • Meanwhile, USDHUF stands around 1% higher compared to Monday’s multi-month low, though initial resistance remains some way off at 389.20, the 20-day EMA, owing to the sharp sell-off earlier in the month. For EURHUF, attention remains on the 400.00 support handle.
  • Given the thin regional data slate across CEE this week, markets will instead look to global risk events for short-term drivers of price action. The most notable of which today will be provided by the FOMC minutes release in the evening - at which traders will be on watch for the rationale behind the Fed's recent shift in statement language concerning inflation.
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The recovery for the USD Index from its overnight lows to a new weekly high has assisted the move higher for EURHUF. The cross is trading near yesterday’s highs around the 402.00 handle at typing, with the forint underperforming the majority of the EM basket alongside the Polish zloty and Czech koruna.

  • Nonetheless, the forint is slightly outperforming the zloty despite the slight risk-off tone across markets (evidenced by slightly softer European equities), with PLNHUF 0.2% lower on the session and testing firm support at the 50-day EMA once again. Note that this average has been tested on a number of occasions over the past week, but the cross has still not closed below it since September 2024.
  • Meanwhile, USDHUF stands around 1% higher compared to Monday’s multi-month low, though initial resistance remains some way off at 389.20, the 20-day EMA, owing to the sharp sell-off earlier in the month. For EURHUF, attention remains on the 400.00 support handle.
  • Given the thin regional data slate across CEE this week, markets will instead look to global risk events for short-term drivers of price action. The most notable of which today will be provided by the FOMC minutes release in the evening - at which traders will be on watch for the rationale behind the Fed's recent shift in statement language concerning inflation.