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HUF: EURHUF Briefly Shows Above Key Resistance at 412.35

HUF
CEEMEAEM BulletBulletEmerging Market NewsHungary

EURHUF made another test of key resistance at 412.35, the Nov 6 high, after failing above this level on Monday. A clear break would expose 415.92, the Dec 13 2022 high. Forint weakness today lacks a clear driver, though local focus has been on the impending announcement of a new NBH Governor.

  • Matolcsy has often been at odds with government officials over the NBH’s hawkish policy mix, and so Finance Minister Varga’s likely appointment may raise the prospects of rapid rate cuts next year given that the new management team will be given a mandate directly from the Prime Minister.
  • Still, the general view among analysts is that Varga is ultimately unlikely to stray too far, too quickly from the current regime’s tight stance given the weak position of HUF. According to former central bank officials who spoke to MNI earlier this month, Varga’s leadership of the NBH is unlikely to be “radically different.”
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EURHUF made another test of key resistance at 412.35, the Nov 6 high, after failing above this level on Monday. A clear break would expose 415.92, the Dec 13 2022 high. Forint weakness today lacks a clear driver, though local focus has been on the impending announcement of a new NBH Governor.

  • Matolcsy has often been at odds with government officials over the NBH’s hawkish policy mix, and so Finance Minister Varga’s likely appointment may raise the prospects of rapid rate cuts next year given that the new management team will be given a mandate directly from the Prime Minister.
  • Still, the general view among analysts is that Varga is ultimately unlikely to stray too far, too quickly from the current regime’s tight stance given the weak position of HUF. According to former central bank officials who spoke to MNI earlier this month, Varga’s leadership of the NBH is unlikely to be “radically different.”