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HUF: EURHUF Trades Near 390.00 Amid Broader Weakness Across CE3 FX

HUF
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  • USD demand and a fade off highs in the major European equity benchmarks at the start of the session has kept the pressure on EM FX, with EURHUF trading just above the 390.00 handle at typing. Performance of the forint is in-line with that of its CE3 peers as global factors continue to be the primary catalysts behind FX price action in the region (PLNHUF: -0.03%; CZKHUF: +0.02%).
  • For EURHUF, the rally last week resulted in a break of both the 20- and 50-day EMAs, signalling scope for a continuation higher near-term. Attention turns to trendline resistance at 391.94, drawn from the Mar 12 high. To resume the downtrend, the cross needs to clear key support at 382.72, the May 28 low.
  • Looking ahead, the final reading of 1Q GDP data, industrial production and retail sales figures will all cross later in the week.
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  • USD demand and a fade off highs in the major European equity benchmarks at the start of the session has kept the pressure on EM FX, with EURHUF trading just above the 390.00 handle at typing. Performance of the forint is in-line with that of its CE3 peers as global factors continue to be the primary catalysts behind FX price action in the region (PLNHUF: -0.03%; CZKHUF: +0.02%).
  • For EURHUF, the rally last week resulted in a break of both the 20- and 50-day EMAs, signalling scope for a continuation higher near-term. Attention turns to trendline resistance at 391.94, drawn from the Mar 12 high. To resume the downtrend, the cross needs to clear key support at 382.72, the May 28 low.
  • Looking ahead, the final reading of 1Q GDP data, industrial production and retail sales figures will all cross later in the week.