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HUF: Forint Extends Losses Following Inflation Data, PLN/HUF Nears Record High

HUF

EURHUF has resumed yesterday’s gains following this morning’s CPI data, which came in below-expectations and bolsters the case for a rate cut at the September NBH meeting.

  • The cross has now bounced around 1.4% off last week’s lows, with bulls eyeing the Aug 5 high of 399.21. A break of 399.75 slightly further out, the Mar 12 high, would put the cross at an 18-month high, reinforcing the bullish theme.
  • Recent HUF underperformance sees PLNHUF trading near 93.00 and at a multi-month low. The Mar 12 high of 93.23 will be targeted next, a break of which would place the cross at an all-time high.
  • The rally in EURHUF yesterday came off the back of comments from Prime Minister Orban, who gave hints about the future of the country’s economic leadership – one which could involve either Finance Minister Varga or Economy Minister Nagy as head of the central bank.
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