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USD/HUF Trades at 15-Month Low Amid Favourable Risk Backdrop

HUF
  • Despite the initial blip higher for the greenback in the direct aftermath of the US PPI release, USDHUF remains within close proximity of session lows as of typing, having declined 0.60% on the day. Earlier on Thursday, the pair pierced support at 335.62, the June 22 low, extending the prior day's weakness amid the lower US yields and favourable risk backdrop.
  • The move lower in EURHUF has been more moderate today. The cross has dealt within a relatively narrow range with attention remaining on the 50-day EMA which intersects at 374.49. A sustained break would undermine the recent bullish theme and highlight potential for a deeper pullback towards 373.11, the 76.4% retracement of the Jun 27 - Jul 7 rally. Overall, HUF performance is once again among the best in the EM space today.

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