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HUF: EUR/HUF Reverses Monday’s Losses Following NBH Decision and Statement

HUF

EURHUF (+0.37%) is trading just shy of 391 following the release of the policy statement, with the cross having now fully reversed yesterday’s losses. NBH comms were little changed overall, though the central bank pointed to the improvement in the country’s risk profile. Forward guidance was also unchanged, with the Council maintaining a data-dependent approach.

  • The forint is one of the worst performing currencies in the EMEA region today (alongside the South African rand and Czech koruna), with the more dovish policy mix accounting for forint underperformance. Nevertheless, the move higher for EURHUF is moderate overall with the cross still well below both the 50-day EMA (392.32) and last week's highs.
  • Its next support level is found at 388.88, the 61.8% retracement of the May 28 – Jun 14 bull-leg. The 76.4% retracement level of the same bull-leg is found at 386.53. Initial firm resistance is at 396.50, the Jul 9 high.
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

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