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Strong Week For HUF

HUNGARY
  • Momentum on HUF has been bullish following NBH decision to raise the benchmark rate by 30bps to 1.20% on Tuesday (vs. 20bps expected).
  • USDHUF has consolidated by 7 figures since its high of 307.70 reached on Tuesday and is gradually approaching its 300 support; a break below that level would open the door for a move down to 298.50 (200DMA). On the topside, first resistance stands now at 305.
  • EURHUF ticks higher this morning after finding a local low at 357.40 yesterday; first resistance to watch on the topside stands at 358.40, followed by 360. On the downside, first support stands at 356.70 (100DMA), followed by 355.
  • Hungary 10Y yield ticks lower this morning and is currently trading slightly above the 50DMA at 2.85%; first support to watch on the downside stands at 2.80%. On the topside, key resistance to watch remains at 3%.
  • This morning, economic data showed that average gross wages decelerated in May to 8.2% YoY (vs. 9.3% exp.) and down from 10.1% the previous month.
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