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USDHUF Finds Support At 100DMA

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) combined with broad USD weakness.
  • After consolidating by 10 figures since its high reached on July 27, USDHUF ticks higher this morning after finding support at its 100DMA (297.60) yesterday. Next support to watch below that stands at 296.20 (50DMA); on the topside, first resistance stands at 300, followed by 302.90.
  • Hungary 10Y yield ticks higher this morning after finding a local low at 2.74% yesterday; next support to watch on the downside stands at 2.70%. On the topside, first resistance to watch stands at 2.81% (100DMA), followed by 2.83% (50DMA).
  • Yesterday, economic data showed that retail sales came in higher than expected at 5.8% YoY in June (vs. 4% YoY).
  • Next important data to watch will be July CPI print coming out on August 10.

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