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HUF Weakness Weighing on Equities

HUNGARY
  • Persistent HUF weakness in the past few weeks has been weighing on Hungarian equities, which are down nearly 10% from their November peak (all-time high).
  • HUF is down 1.1% against the US Dollar since the start of the week, the weakest performer among the EM world.
  • BUX index has been testing its 50,489 support in recent days, which corresponds to the 23.6% Fibo retracement of the 31,894.40 – 56,233.20 range.
  • A break below that level would open the door for a move down to 48,712.60 (200DMA).
  • On the topside, first resistance to watch stands at 51,955 (100DMA).

Source: Bloomberg

MNI London Bureau | +44 203-865-3850 | yvan.berthoux@marketnews.com
MNI London Bureau | +44 203-865-3850 | yvan.berthoux@marketnews.com

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