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HUF Starts the Session on the Back Foot

HUNGARY
  • EURHUF pierced yesterday’s highs at the start of the session, and trades 0.25% in the green at the time of typing. Though a downtick is also noted in PLN, HUF sits second to only the South African rand as the worst performing EMEA currency so far this morning. Previously noted resistance at 394.67, the Aug 3 high, remains in play – a break of which would resume the uptrend.
  • In a detailed reading of data, Hungary’s industrial production in June was confirmed to have fallen 6.1% y/y. Output of the automotive industry, Hungary's biggest manufacturing sector, rose by 19.1% y/y, picking up from 10.8% growth in May, the data released by the statistics office shows. The electrical equipment segment grew by 16.9%, while output of food, drinks and tobacco slipped by 11.1%.
  • There are no major releases on the docket today. GDP data is the key release of the week tomorrow morning (Est: -1.4% y/y; Prior: -0.9%).
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