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HUF Rates Continues to Outperform; EUR/HUF Target Remains 350

CEE
  • Hungarian rates continue to outperform vs Poland on wider real yields and EU Summit optimism.
  • Hungarian curve continues to bull flatten - 20Y trading -3.8bp, heading towards 2.48-2.47 support.
  • EUR/HUF pulls back above its 200dma on broadly negative risk sentiment and a buoyant USD.
  • With EU Summit talks expected to continue today - may see risk-off tempered by positive signs of progress towards implementation of the budget & recovery fund.
  • Topside resistance seen at 355.74-356 zone, followed by 358-359.20.
  • Pullback may provide scope for more core HUF shorts to be added.
  • Sell side still sees EUR/HUF around 350.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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