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US TSYS

Asia Unwinds Some Of Wednesday’s Omicron Worry

JPY

Yen Slips After Omicron-Inspired Rally

JGB TECHS

(Z1) Holding Gains

FED

Mester Affirms Hawkish Credentials

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  • Selling pressure on HUF has remained elevated following last week's decision, with the forint recently trading at multi-month lows against major crosses (i.e. EUR, USD, GBP).
  • The forint has been one of weakest FX performers among the EM world in recent weeks, down 6.1% against the USD and 4.4% against the EUR, respectively, since the beginning of September.
  • EURHUF is currently trading above the 365 level, gradually approaching its key resistance at 370; a break above that level could lead to more aggressive hikes in the coming meetings as weakening HUF keeps supporting inflation expectations. On the downside, first support stands at 363.10, followed by 360.
  • USDHUF has been oscillating around 315 this week (highest level since November 2020); next resistance to watch on the topside stands at 318.75. On the downside, first support stands at 311.80, followed by 310.
  • Hungary 10y yield stabilizes around 3.90% after retracing sharply higher in the past two months; next key resistance to watch on the topside stands at 4%. On the downside, first support to watch stands at 3.78%.