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Forint Starts the Session on the Back Foot, ForMin Welcomes V4 Cooperation

HUNGARY
  • EURHUF has extended yesterday’s gains, with the cross seen rising to a high of 391.46 at the start of European trade. Note that price remains above key resistance at 390.49, the Jan 31 high, a more sustained break of which could signal scope for a move higher toward the early August/late September highs of 394.67/394.65. Our review for yesterday’s NBH rate decision will be released later today.
  • The Visegrad cooperation has "meaning and future" despite a difference of opinion on support for Ukraine, MTI report the Hungarian prime minister as saying after attending a summit of the Visegrad Group on Tuesday. Szijjarto, the foreign minister, welcomed that the V4 leaders agreed on continuing the bloc's cooperation, which he said was in Hungary's national interest.
  • There are no economic releases scheduled for today, with PPI data the highlight on Thursday (Prior: -7.2% y/y) and both trade balance data and (Prior: -EUR188m) and manufacturing PMI data (Est: 49.0; Prior: 49.9) crossing Friday morning.

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