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HUF: EURHUF Falls Below Initial Support After Smaller Le Pen Party Margin

HUF

The relief rally in European assets after Marine Le Pen’s National Rally party finished with a smaller margin of victory than indicated by polls has filtered into CEE FX. While Le Pen’s party dominated the first round of voting overall, it may fall short of absolute majority on July 7.

  • The Hungarian forint and Polish zloty have gained around 0.5% against the euro and are trading close to their best levels of the day at typing. For EURHUF, the cross is trading near 393.00, below the 20-day EMA and narrowing the gap to the 50-day EMA at 392.35. A break of this average could signal scope for a stronger reversal lower.
  • Manufacturing PMI figures for June came in below expectations this morning, though the data did little to move the needle given the focus on global macroeconomic themes. Looking ahead, industrial production and retail sales data as well as preliminary trade balance figures for May will cross on Friday.

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