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Growing Trade Deficit Trend Continues, HUF Plumbs Fresh Lows

HUNGARY
  • Hungary’s August trade balance showed a deficit of EUR 1.3 billion in the preliminary reading of data released by the Central Statistical Office (KSH) on Monday.
  • The figure was very marginally over the deficit in July, and represents the largest one in a string of consecutive deficits running for more than a year which analysts point out is an anomaly for Hungary, an export-driven economy where trade surpluses have historically been the norm.
    • Exports rose by an annual 37.1 percent to 11.466 billion euros, while imports increased by 40.6 percent to 12.765 billion euros.
  • *HUNGARIAN FORINT FALLS TO RECORD LOW AGAINST EURO (BBG)
  • Price has recently cleared a key resistance at 416.89 for EURHUF, the Jul 6 high and the break confirmed a resumption of the primary uptrend, taking price to fresh all-time highs. The immediate focus is on 428.81 next, the 1.50 projection of the Aug 12 - 24 - Sep 9 price swing. The 20-day EMA, at 414.65 is support.
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