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HUF: EUR/HUF Reverses Tuesday’s Losses Ahead of US CPI

HUF

EURHUF has reversed yesterday’s losses, up 0.2% on the session as we approach the US inflation data. There are no obvious drivers behind HUF weakness today, though PLN also trades lower versus the euro, albeit more moderately.

  • Given there are no economic releases scheduled in Hungary for the entirety of the week, HUF performance has been a function of the global picture. US CPI will therefore be closely watched this afternoon for its implications on Fed easing and broader risk sentiment.
  • From a technical standpoint, EURHUF trend conditions remain bullish. Support at 393.58, the 50-day EMA, has been pierced several times this week, but a clear and sustained break of this average is needed to signal scope for a deeper retracement towards 388.82, the Jul 22 low. For bulls, attention is on key resistance at 398.85, the Jun 14 high.
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

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