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HUF: Forint Underperforms Again but USD/HUF Respects Resistance for Now

HUF
CEEMEAEM BulletBulletEmerging Market NewsHungary

EURHUF (+0.40%) has traded higher again Friday morning, despite a more benign course for EURUSD and relatively muted ranges being observed across EMEA FX more broadly. The move higher today puts the cross above the 415.00 mark and within close proximity to December's cycle high of 416.42, a break of which turn focus to 418.50, a retracement level.

  • Given the HUF’s sensitivity to the single currency, EURUSD parity will become a focus going forward with options markets now pricing an implied probability of 49% for the pair to touch 1.00 in the coming three months (up from 28% a week ago).
  • Meanwhile, greenback strength prompted a 1.5% rally for USDHUF during yesterday's session, with the pair reaching a fresh cycle high and meeting resistance at 404.71, the 61.8% retracement level of the Oct 2022 – Jul 2023 downleg.
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EURHUF (+0.40%) has traded higher again Friday morning, despite a more benign course for EURUSD and relatively muted ranges being observed across EMEA FX more broadly. The move higher today puts the cross above the 415.00 mark and within close proximity to December's cycle high of 416.42, a break of which turn focus to 418.50, a retracement level.

  • Given the HUF’s sensitivity to the single currency, EURUSD parity will become a focus going forward with options markets now pricing an implied probability of 49% for the pair to touch 1.00 in the coming three months (up from 28% a week ago).
  • Meanwhile, greenback strength prompted a 1.5% rally for USDHUF during yesterday's session, with the pair reaching a fresh cycle high and meeting resistance at 404.71, the 61.8% retracement level of the Oct 2022 – Jul 2023 downleg.
image