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Watching The 50-Day EMA


Bearish Focus


Updated Barclays/Bbg Extension Estimates for US


Late Session Selling

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  • The rise in uncertainty in recent weeks combined with the legal disputes between Hungary and EU have been weighing on the HUF, which has been the worst performing currency in July among the CEEMEA market.
  • This week has been quiet for Hungary, with participants preparing for NBH meeting on July 27.
  • As inflation continued to surprise positively in June (+5.3% YoY vs. 4.9% exp.), odds for another 30bps hike have increased significantly.
  • USDHUF ticks lower this morning after finding a high at 306.50 yesterday; next level to watch on the topside stands at 310. On the downside, first support stands at 302.50, followed by 300.
  • Hungary 10Y yield continues to trend higher this morning after finding a local low of 2.67% on Tuesday; first resistance stands at 2.79% (100DMA), followed by 2.84%. On the downside, next support to watch below 2.67% stands 2.60%.

Source: Bloomberg/MNI