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Limited Reaction Across CE3 FX Following US Data

CEE FX
There has been limited reaction across CE3 FX following the US inflation report. The greenback initially spiked higher on firmer-than-forecast headline CPI, though EURUSD has since reverted back to pre-data levels as unrounded data shows a slightly softer beat-on-expectations for the Y/Y headline and Y/Y core.
  • The data prompted a moderate uptick in EURHUF, taking the cross back to its earlier highs above the 397.00 handle – a level which is yet to be convincingly broken. With the cross trading at a one-year high, bullish conditions have been strengthened, signalling scope for a continuation towards 400.00.
  • EURCZK saw a brief uptick on the data but the move has since retraced. The cross last deals 0.2% lower on the day, though today’s ranges remain contained within yesterday’s extremes.
  • Similarly, EURPLN sits well-contained within Monday’s ranges, up 0.12% today. Yesterday’s sell-off reinforces the bearish set-up, with 4.2371, the Feb 14 2020 low, the next support level to watch.
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