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Preliminary Data Shows EUR1.70b CA Deficit in Nov

HUNGARY
  • EURHUF has traded higher at the beginning of the European session (+0.75%), with the pair trading above the 399.00 level at the time of typing. Only the South African rand is performing worse against the euro today out of its CEEMEA peers. The move follows a softer-than-expected CPI print on Friday (2.5% Y/Y vs. 25.8% Expected) which saw EURHUF trade to a week-low of 394.75 after some disappointing releases earlier in the week lent pressure to the forint. Initial resistance to watch lies at 399.63, the 20-day EMA.
  • Hungary's current account had a EUR 1.70b deficit in November, preliminary monthly data released this morning showed. Hungary had a EUR 1.084bn trade deficit for the month, with a deficit of EUR 1.74b in the trade of goods and a EUR 0.66b surplus in trade of services.
  • Domestic news flow is otherwise light today, with no major economic releases scheduled this week either.

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