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HUNGARY: EURHUF Extends Moderate Recovery From Tuesday’s Lows

HUNGARY
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungary
  • EURHUF is trading moderately higher at the start of the session, up 0.13% at typing. Nevertheless, bearish technical conditions remain prevalent, supported by the recent shift of moving average studies into bear-mode position. Focus therefore remains on 382.34, the Feb 1 low, ahead of the 380.00 handle. Initial firm resistance lies some way off at 388.96, the 50-day EMA.
  • There are no data releases scheduled until the end of the week, when PPI and trade balance figures will cross. Meanwhile, Moody’s may update Hungary’s sovereign credit rating after hours on Friday (Current rating: Baa2; Outlook: stable).
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  • EURHUF is trading moderately higher at the start of the session, up 0.13% at typing. Nevertheless, bearish technical conditions remain prevalent, supported by the recent shift of moving average studies into bear-mode position. Focus therefore remains on 382.34, the Feb 1 low, ahead of the 380.00 handle. Initial firm resistance lies some way off at 388.96, the 50-day EMA.
  • There are no data releases scheduled until the end of the week, when PPI and trade balance figures will cross. Meanwhile, Moody’s may update Hungary’s sovereign credit rating after hours on Friday (Current rating: Baa2; Outlook: stable).