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HUF: Crude Sell-Off Unable to Provide Lasting HUF Tailwind

HUF
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion
  • A ~5% sell-off in crude on the back of source reports this morning which suggested that Israel would not target Iran’s oil and nuclear infrastructure, but would instead focus on military sites in any future strikes, provided only a moderate and fleeting tailwind to the HUF.
  • EURHUF touched the 400.00 handle earlier in the session, extending the pullback from last week’s cycle highs, though has since rebounded from these lows back to unchanged levels on the day. Similarly, PLNHUF and CZKHUF have both recovered from the session's worst levels.
  • From a technical perspective, a bull cycle in EURHUF remains intact with the latest pullback deemed corrective. With price above the 400.00 handle, focus is now on 402.45 next, the Mar 20 high. Initial firm support lies at 398.77, the 20-day EMA.
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  • A ~5% sell-off in crude on the back of source reports this morning which suggested that Israel would not target Iran’s oil and nuclear infrastructure, but would instead focus on military sites in any future strikes, provided only a moderate and fleeting tailwind to the HUF.
  • EURHUF touched the 400.00 handle earlier in the session, extending the pullback from last week’s cycle highs, though has since rebounded from these lows back to unchanged levels on the day. Similarly, PLNHUF and CZKHUF have both recovered from the session's worst levels.
  • From a technical perspective, a bull cycle in EURHUF remains intact with the latest pullback deemed corrective. With price above the 400.00 handle, focus is now on 402.45 next, the Mar 20 high. Initial firm support lies at 398.77, the 20-day EMA.