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HUF: Souring Risk Sentiment Weighs on Forint, USDHUF Back Above 50-Day EMA

HUF
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EURHUF (+0.15%) is testing yesterday’s highs, with broader weakness noted across the EM FX space as rising Middle East tensions sap sentiment from emerging market assets. Domestic drivers have been few and far between so far this week, with an unexpected increase in Hungary’s manufacturing PMI doing little to move the needle.

  • The German PMI saw a minor upward revision compared to the flash reading but the press release pointed to "a range of headwinds to demand that included market uncertainty, investment reticence, customer destocking and weakness in the automotive sector". The weak flash reading initially prompted a solid bounce for EURHUF, with the NBH noting in its policy statement that “subdued European economic activity will continue to hold back domestic exports in the short term.”
  • Gains for USDHUF (+0.55%) have been more pronounced today, with the pair back above the 50-day EMA. For EURHUF, the break of 397.66, the Sep 10 high, will pave the way for a climb towards 399.21, the Aug 5 high and next key resistance.
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EURHUF (+0.15%) is testing yesterday’s highs, with broader weakness noted across the EM FX space as rising Middle East tensions sap sentiment from emerging market assets. Domestic drivers have been few and far between so far this week, with an unexpected increase in Hungary’s manufacturing PMI doing little to move the needle.

  • The German PMI saw a minor upward revision compared to the flash reading but the press release pointed to "a range of headwinds to demand that included market uncertainty, investment reticence, customer destocking and weakness in the automotive sector". The weak flash reading initially prompted a solid bounce for EURHUF, with the NBH noting in its policy statement that “subdued European economic activity will continue to hold back domestic exports in the short term.”
  • Gains for USDHUF (+0.55%) have been more pronounced today, with the pair back above the 50-day EMA. For EURHUF, the break of 397.66, the Sep 10 high, will pave the way for a climb towards 399.21, the Aug 5 high and next key resistance.