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Forint Supported by Recent Dollar Downtick

HUF
  • The forint, which is among the top performers in the EMEA space, has found a fresh tailwind amid the recent downtick in the dollar. USDHUF is down 0.33%, though well off support at 353.07 where the 50-day EMA intersects, while EURHUF trades a more muted 0.12% in the red, recording a fresh intraday low in the process.
  • PLNHUF and CZKHUF sit 0.45% and 0.15% lower, respectively, with the former seen trading to its lowest level in a week.
  • Despite the move, ranges in both EURHUF and USDHUF are relatively narrow, mirroring that of major G10 currency pairs. For the forint, the Fed rate decision tomorrow will be the key risk event with the currency’s performance having been a function of the global picture in recent weeks amid few developments in domestic fundamentals.

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