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HUF Price Action a Function of the Global Picture

HUF
  • EURHUF has pared losses from earlier in the session and now trades 0.35% in the green. HUF had been the top performer in EMEA, though the currency now lags its CE3 peers (PLNHUF: -0.12%; CZKHUF: -0.25%). A move higher in front end Tsy yields underpinned the move higher in the greenback, which triggered the move higher in EURHUF, with a slide in global equities providing further headwind to the forint.
  • Previously noted technical levels remain in play. The bull trigger has been defined at 394.67, the Aug 3 high, a break of which would resume the uptrend. Meanwhile on the downside, a more sustained break of the 20-day EMA would signal scope for a move towards 380.16, the 50-day EMA, which is the next important support level.

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