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HUF Under Early Pressure, Following EUR Lower

HUNGARY
  • Hungary’s cabinet minister Gergely Gulyas will hold a briefing after today's government meeting on the 2024 budget at 1000BST/1100CET.
  • HUF is under pressure following weakness across the EUR this morning. EURHUF trades 0.35% higher at the time of typing having pierced key support and the bear trigger at 369.47, the Apr 18 low, yesterday. 373.72 – the 20-day EMA – marks the immediate resistance level to watch.
  • There is little in the way of domestic news flow or data this morning, with focus remaining on the possible next steps for NBH policy. Minutes yesterday reiterated the NBH's careful and cautious approach, with consensus forming around a cut to the O/N deposit rate at either the May or June meeting.
  • There are no major economic releases scheduled for the remainder of the week.

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