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Forint Weakens Alongside Polish Zloty Amid Few Domestic Developments

HUF
  • EURHUF is trading slightly higher today, with the cross up 0.13% at typing around 387.75, taking this week’s gains to 0.21%. The local currency is performing in-line with the Polish zloty but is lagging the Czech koruna (PLNHUF: -0.02%; CZKHUF: +0.34%).
  • With little in the way of domestic news flow and data, HUF performance will likely continue to be a function of the global picture.
  • Despite EURHUF trading on relatively stable footing this week, the cross remains bullish with support at 385.67, the 50-day EMA, still intact. A breach of this level would be a bearish development and expose 378.24, the Aug 30 low. For bulls, key resistance is at 394.67, the Aug 3 high.

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