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HUF: EURHUF Narrows Gap to Key Resistance Following Weak German PMIs

HUF

EURHUF has traded higher Friday morning, briefly piercing 398.00 to narrow the gap to key resistance at 399.75, the Mar 12 high, ahead of the important 400.00 handle, levels not seen since March 2023.

  • Weaker-than-expected flash PMIs in Germany, Hungary’s main trading partner, and the associated weakness in the euro has contributed to forint underperformance, owing to the less-favourable external environment for Hungary’s growth prospects.
  • In its latest policy statement, the NBH noted that “Exports will be affected by opposing trends. Subdued European economic activity is holding back domestic exports, but ongoing and newly announced, significant capacity-enhancing foreign direct investment projects will continue to stimulate exports in the coming years.” Overall, the central bank left its growth forecast for 2024 unchanged at 2.0–3.0%.
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