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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.
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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.