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HUF: EURHUF Back Above 394 Following Disappointing GDP Data

HUF
  • This morning’s disappointing growth data prompted a solid move higher for EURHUF, taking the cross as high as 394.61 where it fell just shy of initial firm short-term resistance at 394.69, the Jul 25 high. A clear break here would be a bullish development and could expose 396.4, 76.4% retracement of the Jun 14 - Jul 22 downleg.
  • While the data disappointed considerably to the downside, Hungary’s Economy Minister had downplayed Q2 growth prospects last week, saying the figures probably won’t show an improvement from the first three months of the year because of struggling industrial exports to western Europe. Similarly, the NBH wrote in its policy statement that “weak economic activity in Europe is having an increasingly lasting impact.”
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

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