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Forint Underperforms Regional Peers, EURHUF Respects Recent Ranges

HUF
EURHUF has started the session 0.2% in the green, placing the local currency toward the bottom of the EMEA FX pile, though price remains contained within this week’s ranges. Moves are not headline driven, though the increase in UST yields may be providing a headwind as the HUF continues to be heavily influenced by global themes given the increasing predictability of NBH policy.
  • The bearish theme in EURHUF remains intact and the latest recovery appears technically corrective. The cross has found resistance at the 50-day EMA – at 381.92. That level provided firm resistance on Wednesday, as it had done on two instances in October. A clear breach of the average is required to signal scope for a stronger retracement.

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