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HUF: Forint Losses Accelerate, USDHUF Approaching 3-Month High

HUF
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  • Downside momentum for the Hungarian forint has accelerated through the afternoon. Initial weakness this morning was triggered by the softer-than-expected domestic headline inflation print, albeit core accelerated, while the gradual climb in crude prices has acted as an additional headwind. Spot returns for the forint versus the greenback stand at -2.9% on a month-to-date basis, compared to -2.3% for both the Czech koruna and Polish zloty.
  • On an intraday basis, USDHUF is up 0.7% on the session, despite the USD index sitting close to flat, with the pair now close to its highest level since early July. EURHUF, meanwhile, is approaching Tuesday’s highs, up 0.6% at typing. 402.45, the Mar 20 high, marks resistance to watch.
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  • Downside momentum for the Hungarian forint has accelerated through the afternoon. Initial weakness this morning was triggered by the softer-than-expected domestic headline inflation print, albeit core accelerated, while the gradual climb in crude prices has acted as an additional headwind. Spot returns for the forint versus the greenback stand at -2.9% on a month-to-date basis, compared to -2.3% for both the Czech koruna and Polish zloty.
  • On an intraday basis, USDHUF is up 0.7% on the session, despite the USD index sitting close to flat, with the pair now close to its highest level since early July. EURHUF, meanwhile, is approaching Tuesday’s highs, up 0.6% at typing. 402.45, the Mar 20 high, marks resistance to watch.