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HUF: EURHUF Re-Approaching 400 With Economic Programme in Focus

HUF
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

EURHUF has started the session on the back foot, with the cross through Friday’s lows and re-approaching the 400.00 handle, despite relatively subdued trade across wider G10 currency markets owing to the holidays in the US and Japan. Weakness last week stemmed from the lower-than-expected CPI print, though the NBH have signalled that rates will nevertheless remain on hold in October.

  • This week, expected stimulus measures by the Hungarian government could provide a tailwind to the forint, which is outperforming its regional peers at typing, though today’s changes to pension plans to boost the housing market had largely been anticipated already. According to Bloomberg, the Fidesz party may hold a press conference following a meeting over the weekend at which the economic programme was unveiled by PM Orban.
  • For EURHUF, a bull cycle remains intact following the breach of 399.21, the Aug 5 high, and 399.75 the Mar 12 high. Scope is therefore seen for an extension towards 402.45 next, the Mar 20 high. Initial firm support lies at 398.49, the 20-day EMA.
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EURHUF has started the session on the back foot, with the cross through Friday’s lows and re-approaching the 400.00 handle, despite relatively subdued trade across wider G10 currency markets owing to the holidays in the US and Japan. Weakness last week stemmed from the lower-than-expected CPI print, though the NBH have signalled that rates will nevertheless remain on hold in October.

  • This week, expected stimulus measures by the Hungarian government could provide a tailwind to the forint, which is outperforming its regional peers at typing, though today’s changes to pension plans to boost the housing market had largely been anticipated already. According to Bloomberg, the Fidesz party may hold a press conference following a meeting over the weekend at which the economic programme was unveiled by PM Orban.
  • For EURHUF, a bull cycle remains intact following the breach of 399.21, the Aug 5 high, and 399.75 the Mar 12 high. Scope is therefore seen for an extension towards 402.45 next, the Mar 20 high. Initial firm support lies at 398.49, the 20-day EMA.