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HUF: EURHUF Extends Bounce Higher from Monday’s Low

HUF
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

The sustained recovery in the USD index back towards its recent cycle highs has prompted a notable uptick for EURHUF at the start of the session. The cross is 0.4% higher and has now fully erased yesterday morning's losses which were inspired by the French election results over the weekend.

  • Weakness in major equity indices is also likely contributing to the less-favourable backdrop for emerging market currencies, though the forint fares the worst out of its EMEA counterparts. Yesterday, EURHUF briefly breached support at the 20-day EMA, though a clear break of this average, as well as the 50-day EMA, is needed to undermine the bullish theme. Focus will therefore remain on the June highs of 398.85 ahead of key resistance at 399.75, the Mar 12 high.
  • Investor focus may shift to regional news later in the week with Poland’s central bank expected to keep rates unchanged on Wednesday. In Hungary, industrial production and retail sales data as well as preliminary trade balance figures for May will cross on Friday.
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The sustained recovery in the USD index back towards its recent cycle highs has prompted a notable uptick for EURHUF at the start of the session. The cross is 0.4% higher and has now fully erased yesterday morning's losses which were inspired by the French election results over the weekend.

  • Weakness in major equity indices is also likely contributing to the less-favourable backdrop for emerging market currencies, though the forint fares the worst out of its EMEA counterparts. Yesterday, EURHUF briefly breached support at the 20-day EMA, though a clear break of this average, as well as the 50-day EMA, is needed to undermine the bullish theme. Focus will therefore remain on the June highs of 398.85 ahead of key resistance at 399.75, the Mar 12 high.
  • Investor focus may shift to regional news later in the week with Poland’s central bank expected to keep rates unchanged on Wednesday. In Hungary, industrial production and retail sales data as well as preliminary trade balance figures for May will cross on Friday.