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HUF: Inflation Data Prompts Additional HUF Weakness, PLNHUF Nears Record Highs

HUF

The softer-than-expected inflation print has added to topside EURHUF momentum, with the cross trading near both the 396.00 handle and last week’s highs. Today's price actions means the forint is the poorest performing currency in the EMEA region again this morning, with the more-positive risk backdrop unable to offer the local currency any reprieve. Underscoring HUF weakness, PLNHUF trades around 0.4% higher today, placing the cross within close proximity to its all-time highs at 93.23.

  • Fiscal announcements pushed HUF lower yesterday as the government announced an increase in corporate windfall taxes and new levies on FX transactions by banks. While the announcements were expected, UniCredit note that the market will still be awaiting specific details which may lead to increased HUF volatility in the coming days.
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CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

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