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Forint Tops EMEA FX Pile Despite Sub-10% Inflation Print

HUF

EURHUF has recorded a sharp downtick at the start of the session, erasing the entirety of yesterday’s late rally on the back the greenback bounce and placing the cross at a fresh multi-month low. The move places the HUF at the top of the EMEA FX pile, despite this morning’s inflation data showing a sub-10% year-on-year print for the first time in 18 months.

  • The 9.9% y/y figure was below expectations of a larger 10.4% reading and will likely fuel expectations for a sustained pace of further rate cuts by the NBH, with the next rate-setting meeting on Nov 21.
  • Price remains below key short-term support at 378.24, the Aug 30 low. A more sustained break of this level would strengthen a bearish theme and open 376.78, the Jul 25 low and 373.98, the 76.4% retracement of the Jun 12 - Aug 3 bull leg.
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