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/HUF: CEE Cross Extends Drop


Wednesday brings another dynamic sell-off in PLN/HUF, with the pair on track to complete a "three black crows" candlestick pattern after already retracing 61.8% of its Nov 10 - Dec 12 upleg. The completion of "three black crows" would lend further evidence that a bearish reversal is underway, after the rate charted a "hanging man" candlestick towards the back end of last week.

  • PLN/HUF last trades at HUF86.76, down 81 pips on the day, with Nov 10/Oct 21 lows of HUF84.96/84.91 providing the key near-term targets on the downside. Bulls look for a rebound above Dec 12 all-time high of HUF89.69.
  • Hungary/Poland 10-year yield spread has continued to tighten today and is approaching 200bp today.
  • EU funding saga remain in focus after Hungary struck a partial deal to reduce the suspended amount, while Poland has agreed on a ten-point plan to meet the European Commission's milestones.

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