Free Trial

HUF: EURHUF Gains Accelerate as Cross Targets YTD Highs

HUF

Topside EURHUF momentum accelerated through the Apr 19 high of 395.98. The cross last trades 0.5% in the green and just above 397.00, with focus now on the Mar 12 YTD high of 398.05. 

  • The NBH decision on Tuesday poses the next key risk event for the forint, where the central bank may moderate the pace of rate cuts from 50bps to 25bps.
  • The substantial rally in EURHUF this month has resulted in a bounce of over 3% off the late-May lows, breaking a number of technical resistance levels along the way. This week, the cross confirmed a clear break of 391.00, trendline resistance drawn from the Mar 12 high and 395.73, a retracement level.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.