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Forint Under Renewed Pressure Amid Comments from Fed's Williams

HUF
USDHUF has extended today’s gains to 1.45% at typing amid the comments from Fed’s Williams and accompanying boost in US yields and greenback (as noted above). The pair had already corrected off the overnight lows but has now found additional upside momentum as the moves in global markets pressure the wider EM basket. Nevertheless, USDHUF remains shy of pre-Fed levels.
  • EURHUF trades a more moderate 0.85% firmer, but has recorded an intraday high just ~20pips shy of this week’s earlier highs at 383.55. The cross has now fully reversed the post-Fed losses and looks set to end the week around 0.5% in the green. A break of the aforementioned high would be a bullish development, opening 384.23, the Nov 1 high.
  • Focus turns to the NBH decision next week, where the central bank are widely expected to deliver another 75bp rate cut. This follows comments from Deputy Governor Virag last month who said that the base rate could drop to below 10% by February, implying 75bp cuts in each of the December and January meetings at least.
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