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HUF: Forint Weakens Alongside Zloty as Focus Shifts to NBH

HUF
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The forint has weakened alongside the Polish zloty at the start of the week, despite the relatively milder course for the USD index and a solid 0.25% uptick in EURUSD. EURHUF remains contained within last week’s ranges for now, but today’s 0.3% move higher has put the cross comfortably above Friday’s highs with focus turning to the NBH rate decision tomorrow afternoon. There, no change to the base rate is expected with officials likely to strengthen its hawkish rhetoric given the scale of the sell-off in HUF since the start of October. Our full preview of the decision will be released later today.

  • From a technical perspective, the bull cycle in EURHUF remains firmly intact with any short-term pullbacks deemed corrective. Initial support to watch is 406.57, the 20-day EMA. While the average has been pierced, a clear breach is needed to signal scope for a deeper retracement, potentially towards the 50-day EMA, at 402.70. Key resistance has been defined at 412.35, the Nov 6 high.
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The forint has weakened alongside the Polish zloty at the start of the week, despite the relatively milder course for the USD index and a solid 0.25% uptick in EURUSD. EURHUF remains contained within last week’s ranges for now, but today’s 0.3% move higher has put the cross comfortably above Friday’s highs with focus turning to the NBH rate decision tomorrow afternoon. There, no change to the base rate is expected with officials likely to strengthen its hawkish rhetoric given the scale of the sell-off in HUF since the start of October. Our full preview of the decision will be released later today.

  • From a technical perspective, the bull cycle in EURHUF remains firmly intact with any short-term pullbacks deemed corrective. Initial support to watch is 406.57, the 20-day EMA. While the average has been pierced, a clear breach is needed to signal scope for a deeper retracement, potentially towards the 50-day EMA, at 402.70. Key resistance has been defined at 412.35, the Nov 6 high.