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Weaker HUF Follows Through on Easier ECB Pricing Post-CPI

HUF
EURHUF has extended higher in recent trade, though fell just shy of the Friday/Monday highs around 380.90. Single currency weakness had already been weighing on CEE FX after lower-than-expected French and Dutch CPI prints foreshadowed a softer Eurozone-wide reading. The most recent extension of EUR weakness following confirmation of the weak Eurozone number has exacerbated losses for the euro-proxies. HUF has particularly suffered and is the poorest performing currency in the region (PLNHUF: +0.22%; CZKHUF: +0.28%).
  • A break of the aforementioned weekly high could expose the 50-day EMA at 381.50. That average provided firm resistance both last week and in mid-October. A clear breach would signal scope for a stronger retracement with the current recovery in EURHUF still deemed technically corrective.
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