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HUF: Weak German PMIs Prompt Solid Bounce in EURHUF

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CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

The weaker-than-expected flash PMIs in Germany and France across both manufacturing and services sectors have weighed on the euro and Hungarian forint in tandem, prompting a solid bounce in EURHUF (+0.2%) off this morning’s lows.

  • The cross had traded to as low as 392.73 earlier in the session, its lowest level since September 5, where it narrowed the gap to key near-term support at 391.93, the Aug 21 low. The subsequent recovery puts Friday's highs back in focus.
  • The NBH noted in the minutes of its last rate-setting meeting that, “Slower-than-expected recovery of Hungary’s export markets in Europe, especially in Germany, generally held back the uplift in domestic economic growth.” Meanwhile, Finance Minister Varga has previously said Germany's struggles has dragged Hungary down.
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The weaker-than-expected flash PMIs in Germany and France across both manufacturing and services sectors have weighed on the euro and Hungarian forint in tandem, prompting a solid bounce in EURHUF (+0.2%) off this morning’s lows.

  • The cross had traded to as low as 392.73 earlier in the session, its lowest level since September 5, where it narrowed the gap to key near-term support at 391.93, the Aug 21 low. The subsequent recovery puts Friday's highs back in focus.
  • The NBH noted in the minutes of its last rate-setting meeting that, “Slower-than-expected recovery of Hungary’s export markets in Europe, especially in Germany, generally held back the uplift in domestic economic growth.” Meanwhile, Finance Minister Varga has previously said Germany's struggles has dragged Hungary down.