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HUF: EURHUF Sharply Erases Gains Following Test of Key Resistance

HUF
CEEMEAEM BulletBulletEmerging Market NewsHungary

EURHUF has sharply erased this morning’s gains following a brief spike above key resistance at 412.35, the Nov 6 high. There is no obvious local driver behind the latest move, though USD weakness following the appointment of Scott Bessent as Treasury Secretary under Trump is providing relief to emerging market currencies more broadly.

  • Bessent’s nomination has pinned back concerns that a tariff regime will go too far, too fast, with his views on gradualism likely meaning a more forceful approach on trade will come step-by-step, rather than an abrupt shift. This has helped EURUSD reapproach the 1.05 mark, in-turn assisting CE3 currencies higher.
  • USDHUF is over 1% lower on the session, extending the pullback from Friday’s cycle high. For EURHUF, initial firm support at the 20-day EMA (407.85) still remains some way off, though HUF’s outsized post-election weakness may mean that it stands to benefit from any further reversal of Trump-trade sentiment.
  • Tier 1 data releases are scant in Hungary this week, with focus instead on global events (Fed minutes, Eurozone flash CPIs).
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EURHUF has sharply erased this morning’s gains following a brief spike above key resistance at 412.35, the Nov 6 high. There is no obvious local driver behind the latest move, though USD weakness following the appointment of Scott Bessent as Treasury Secretary under Trump is providing relief to emerging market currencies more broadly.

  • Bessent’s nomination has pinned back concerns that a tariff regime will go too far, too fast, with his views on gradualism likely meaning a more forceful approach on trade will come step-by-step, rather than an abrupt shift. This has helped EURUSD reapproach the 1.05 mark, in-turn assisting CE3 currencies higher.
  • USDHUF is over 1% lower on the session, extending the pullback from Friday’s cycle high. For EURHUF, initial firm support at the 20-day EMA (407.85) still remains some way off, though HUF’s outsized post-election weakness may mean that it stands to benefit from any further reversal of Trump-trade sentiment.
  • Tier 1 data releases are scant in Hungary this week, with focus instead on global events (Fed minutes, Eurozone flash CPIs).