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HUF: Forint Extends Session Losses as More-Dovish NBH Underpins Weakness

HUF

Topside momentum for EURHUF has extended in recent trade, taking the cross above 393 and to its highest level in over a week.

  • There does not appear to be any specific driver behind the latest leg higher, though a more dovish policy mix following yesterday’s rate cut is underpinning HUF weakness. A damning report by the European Commission on Hungary’s lack of progress on rule-of-law and anti-corruption issues may be providing an additional headwind.
  • Forint weakness this morning was likely triggered by below-estimate preliminary PMI readings in Europe and the accompanying dip in the euro. However, the recovery in EURUSD from this morning's lows since then has not impeded the HUF sell-off.
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

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