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Forint Supported Following Weaker US Data

HUF
  • The Hungarian Forint had a blip higher in the wake of the slightly weaker US UoM data, sending EURHUF through the week's lows to briefly print 382.63. The cross is trading below the 50-day EMA at typing with a sustained break of this level needed to expose 378.24, the Aug 30 low and key support, which would undermine the technical bullish theme. USDHUF trades 0.50% lower at typing, though within recent ranges.
  • Price action today has put the forint top the EMEA FX pile alongside the Czech Koruna. The possibility that the ECB’s hike yesterday was the last has been a tailwind for CEE, though PLN lags following the unexpectedly high rate cut last week.

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