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Free AccessHUF Outperforms Regional Peers Following US Inflation Report
HUF sits at the top of the CEEMEA FX leaderboard this afternoon following the moderately soft US inflation report. The kneejerk decline in US treasury yields provided support to the high yielding HUF, which has remained resilient despite the partial retracement in US yields as EURUSD looks to test the key 1.1000 level at the time of typing - lending further strength to euro-proxies.
- The EURHUF cross continues to respect recent ranges and nearby technical levels. 372.38 - the Mar 1 low - remains the key support level to watch.
- The currency is also being supported by this morning’s domestic inflation print, which sees the nation’s inflation reading as the highest in the region, despite two continuous months of decline.
- Stubbornly high inflation is likely to support the NBH’s patient stance on policy, which was reiterated in the release of the March meeting minutes earlier today.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.