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HUF: EURHUF Trading at Session Highs and Above Initial Resistance

HUF
  • The familiar risk-off theme across global markets, evidenced by the sustained move lower in global equities, is keeping CE3 FX pinned to earlier session lows against the euro. 
  • The forint is lagging its peers again today, with EURHUF now above initial resistance at the 50-day EMA and extending the bounce off Tuesday’s lows to 1.8%, erasing close to the entirety of the move lower from earlier this month. 
  • Yen outperformance today has resulted in a 0.6% move lower for HUFJPY, which has now shed over 2% after reaching its highest level since 2015 earlier in the week.
  • Given there have been no major domestic macroeconomic releases of note this week (with just trade balance and PPI figures crossing tomorrow morning), attention will turn to US data this afternoon, with HUF performance likely to continue to be a function of the broader global picture moving forward.
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