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HUF: Forint Paring Monday’s Gains on Tariff Related Sentiment

HUF
CEEMEAEM BulletBulletEmerging Market NewsHungary

EURHUF (+0.35%) has started the session on the front foot after US President-elect Donald Trump vowed to impose additional tariffs on imports from China, Mexico and Canada. The headlines prompted declines for EMFX overnight, with MXN particularly hard hit.

  • Focus remains on key resistance at 412.35 for EURHUF, the Nov 6 high, having failed above this level on Monday. Above here, attention will be on 415.92, the Dec 13 2022 high.
  • In addition to HUF’s sensitivity to Trump-trade related sentiment, geopolitical tensions in Europe have been a primary driver for EUR/CE3 price action recently. On that front, Bloomberg report that the Israeli security cabinet will meet at 15:30GMT to discuss a proposal for a ceasefire with Hezbollah. This comes after a flurry of local reports yesterday which suggested that the deal has been accepted in principle.
  • Comments from Economy Minister Marton Nagy have been in focus domestically, with the minister expressing his hopes for lower interest rates. Regarding the next central bank Governor, Nagy said the next Chief will be revealed in the coming days. See more on that here. 
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EURHUF (+0.35%) has started the session on the front foot after US President-elect Donald Trump vowed to impose additional tariffs on imports from China, Mexico and Canada. The headlines prompted declines for EMFX overnight, with MXN particularly hard hit.

  • Focus remains on key resistance at 412.35 for EURHUF, the Nov 6 high, having failed above this level on Monday. Above here, attention will be on 415.92, the Dec 13 2022 high.
  • In addition to HUF’s sensitivity to Trump-trade related sentiment, geopolitical tensions in Europe have been a primary driver for EUR/CE3 price action recently. On that front, Bloomberg report that the Israeli security cabinet will meet at 15:30GMT to discuss a proposal for a ceasefire with Hezbollah. This comes after a flurry of local reports yesterday which suggested that the deal has been accepted in principle.
  • Comments from Economy Minister Marton Nagy have been in focus domestically, with the minister expressing his hopes for lower interest rates. Regarding the next central bank Governor, Nagy said the next Chief will be revealed in the coming days. See more on that here.