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HUF: HUF Weakens Alongside Peers as Russia Headlines Drain Risk Sentiment

HUF
CEEMEAEM BulletBulletEmerging Market NewsHungary

Fading risk sentiment and accompanying weakness in the euro on the back of the latest developments in Russia has pressured CE3 currencies this morning, though the forint has so far displayed more resilience compared to the Polish zloty (PLNHUF: -0.33%).

  • The latest dose of EUR sales comes alongside the earlier Ukraine headline - the ATACMS missile strike inside Russia is exactly what had triggered the tweak to Putin's nuclear doctrine this morning, so already being tested and presenting a further escalation in tensions here.
  • EURHUF is 0.2% higher at typing, though yesterday’s highs remain some way off for now as focus turns to the NBH rate decision and press conference this afternoon. Given the central bank’s acute sensitivity to FX weakness, no change to the base rate is expected.
  • Familiar technical levels for EURHUF remain in play: key resistance has been defined at 412.35, the Nov 6 high, while initial support is at 406.38, the 20-day EMA. While the latter has been pierced, a clear break is needed to signal scope for a deeper retracement towards the 50-day EMA at 402.77.
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Fading risk sentiment and accompanying weakness in the euro on the back of the latest developments in Russia has pressured CE3 currencies this morning, though the forint has so far displayed more resilience compared to the Polish zloty (PLNHUF: -0.33%).

  • The latest dose of EUR sales comes alongside the earlier Ukraine headline - the ATACMS missile strike inside Russia is exactly what had triggered the tweak to Putin's nuclear doctrine this morning, so already being tested and presenting a further escalation in tensions here.
  • EURHUF is 0.2% higher at typing, though yesterday’s highs remain some way off for now as focus turns to the NBH rate decision and press conference this afternoon. Given the central bank’s acute sensitivity to FX weakness, no change to the base rate is expected.
  • Familiar technical levels for EURHUF remain in play: key resistance has been defined at 412.35, the Nov 6 high, while initial support is at 406.38, the 20-day EMA. While the latter has been pierced, a clear break is needed to signal scope for a deeper retracement towards the 50-day EMA at 402.77.