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HUF: EMEA FX Offered Limited Reprieve by More Stable Risk Backdrop

HUF
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The rally in Japanese stocks after their plunge into a bear market yesterday and the rebound in major European and US equity futures has provided a more stable risk backdrop across global markets.

  • Nevertheless, most EMEA currencies are trading moderately lower versus the greenback at typing, though today’s losses pale in comparison to yesterday. While EURHUF is trading slightly in the green this morning, the cross remains well-below yesterday’s highs following the sell-off Monday afternoon post the US ISM data.
  • From a technical perspective, attention for EURHUF is on a key resistance at 398.85, the Jun 14 high. While this level has been pierced, a clear break would reinforce a bullish theme and  signal scope for a climb towards 399.75, the Mar 12 high and a key medium-term resistance. Initial support lies at 392.85, the 50-day EMA.
  • Looking ahead, CPI figures for July provide the highlight on Thursday, where consumer prices are seen rising +4.0% Y/Y compared to +3.7% in June. Tomorrow, industrial production data for June is on the docket (Est: -3.8% y/y; Prior: -4.9%).
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The rally in Japanese stocks after their plunge into a bear market yesterday and the rebound in major European and US equity futures has provided a more stable risk backdrop across global markets.

  • Nevertheless, most EMEA currencies are trading moderately lower versus the greenback at typing, though today’s losses pale in comparison to yesterday. While EURHUF is trading slightly in the green this morning, the cross remains well-below yesterday’s highs following the sell-off Monday afternoon post the US ISM data.
  • From a technical perspective, attention for EURHUF is on a key resistance at 398.85, the Jun 14 high. While this level has been pierced, a clear break would reinforce a bullish theme and  signal scope for a climb towards 399.75, the Mar 12 high and a key medium-term resistance. Initial support lies at 392.85, the 50-day EMA.
  • Looking ahead, CPI figures for July provide the highlight on Thursday, where consumer prices are seen rising +4.0% Y/Y compared to +3.7% in June. Tomorrow, industrial production data for June is on the docket (Est: -3.8% y/y; Prior: -4.9%).