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PLNHUF Trading at Multi-Week Low as Forint Continues to Outperform Regional Peers

HUF
  • Given much of Europe is observing the Labour Day holiday, widespread market closures and thin liquidity for FX markets (G10 FX volumes are estimated around 30% below average for this time of day) has resulted in a narrow intraday range for EURHUF so far today.
  • The forint is nevertheless exhibiting some resilience to the sustained uptick in the USD index – which is trading close to multi-month highs – with EURHUF last dealing just below the 391 handle and close to yesterday’s ~2-week low. As a result, the local currency is outperforming its EMEA peers at the margins.
  • Notably, PLNHUF is down 0.3% on the session and below the early-April lows. That places the cross at its lowest since Feb 26. The recent break below the 50-DMA, as well as the 20- and 50-day EMAs, has strengthened bearish sentiment and signals scope for a sustained move lower. The next support level to watch lies at 89.84, the 100-DMA, an average we have not traded below since November last year.
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